White House says 104% tariff on China will take effect Wednesday

The United States is set to impose a steep 104% tariff on imports from China starting at 12:01 a.m. EDT on Wednesday, according to White House press secretary Karoline Leavitt. This move comes after President Trump issued a threat against Beijing on his Truth Social account on Monday.

In response to China’s decision to impose a 34% import fee on American products, President Trump threatened to increase tariffs by an additional 50%. This tit-for-tat escalation has led to strained trade relations between the two economic powerhouses.

During the press briefing on Tuesday, Leavitt emphasized that the retaliatory tariffs on approximately 90 countries are aimed at initiating negotiations with the U.S.’s trade partners. She stated that President Trump is open to hearing offers from countries around the world but emphasized that any deals made must benefit American workers.

Leavitt also revealed that 70 nations have already approached the White House to start negotiations, with the goal of potentially lowering their assigned tariff rates in exchange for concessions that would be advantageous to the United States.

Regarding China’s stance, the commerce ministry in Beijing asserted that they would “fight to the end” and take countermeasures against the U.S. if President Trump did not retract his latest threat.

In line with President Trump’s agenda to bring manufacturing back to the U.S., Leavitt reiterated his firm belief in prioritizing American interests. She emphasized the need for a strong America that is not solely dependent on foreign countries for essential goods like food, medicines, and critical minerals.

The ongoing trade tensions between the U.S. and China have significant implications for global commerce and economic stability. As negotiations continue and tariffs are imposed, the impact on businesses and consumers in both countries remains uncertain.

Megan Cerullo, a New York-based reporter for CBS MoneyWatch, covers a range of topics including small business, workplace dynamics, healthcare, consumer spending, and personal finance. Her insights and analysis are regularly featured on CBS News 24/7, providing valuable information for audiences seeking to understand the complexities of the modern economy.