Wednesday morning, the list of reciprocal prices of President Donald Trump on more than 180 countries.
The prices, which start at a reference rate of 10%, were announced for the first time by Trump on April 2, or what he called the “Liberation Day”. Trump said 185 countries would be struck by prices. The list included American rivals like China, as well as major allies in Europe and Asia.
“On April 2, 2025, we will forever remember when the day when American industry is reborn, the day of destiny of America was recovered and the day we started to make America rich,” Trump said in his announcement on Wednesday.
The reference rate of 10% came into force on April 5. The higher rate rates – which vary depending on the country and constitute an additional percentage in addition to the basic rate – are in force from press time on April 9.
The European Union was struck by a tariff of 20%, while India was slapped with a tariff of 26%. China first received a rate of 34% in addition to the 20% rate that Trump imposed last month.
However, Tuesday, the Trump administration said it would increase its tariffs on China by an additional 50%, bringing the total to 104%.
The Chinese Ministry of Commerce said Trump’s prices on Tuesday was “completely baseless” and “a typical unilateral intimidation practice”. China announced a 34% reprisal rate on all American imports on Friday.
“China will never accept that. If the United States insists on its own way, China will fight until the end,” the Ministry of Commerce said in its Tuesday statement.
Trump’s prices have disrupted the markets since its announcement last week. The S&P 500 is down more than 15% over a year, while the composite of Nasdaq dropped almost 21% over a year.
Mixed messaging of Trump officials
The Trump administration has sent mixed signals on the issue of whether prices are supposed to be part of a negotiation strategy.
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Trump’s best sales advisor, Peter Navarro on Tuesday, wrote in an editorial for the Financial Times that Trump’s prices were supposed to repair a “international trade system”.
“It is not a negotiation. For the United States, it is a national emergency triggered by trade deficits caused by a rigged system,” wrote Navarro.
Navarro’s remarks are contrary to what other Trump officials say.
Tuesday, markets in Asia experienced a brief rebound after countries like Japan said they have launched tariff negotiations with the United States. On Monday, the secretary of the Treasury, Scott Bessent, wrote in an X post that he and the representative of the US trade Jamieson Greer would direct trade negotiations with Japan.
“Nearly 70 countries have now approached to want to help rebalance world trade,” said Bessent on X on Tuesday.
Trump himself seems eager to start negotiating. On Tuesday, the president wrote in a social post of truth that he had spoken to the acting president of South Korea, Han Duck-Soo, and that the negotiations would begin soon.
“Their best team is on a plane that goes to the United States, and things are doing well. We are also dealing with many other countries, all of which want to conclude an agreement with the United States,” wrote Trump.
“China also wants to conclude an agreement, but they don’t know how to start. We are waiting for their call. This will happen!” He added.
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