The Daily Populous Wednesday April 9th, 2025 evening edition
Authored by cnbc.com and submitted by Puginator

Chinese President Xi Jinping attend the closing of the Third Session of the 14th National People's Congress (NPC) at the Great Hall of the People on March 11, 2025 in Beijing, China.

Tariffs on U.S. goods entering China will rise to 84% from 34% starting April 10, according to a translation of a Office of the Tariff Commission of the State Council announcement . The hike comes in response to the latest U.S. tariff increase on Chinese goods to more than 100% that began at midnight.

China has pushed back again on U.S. President Donald Trump 's tariff policies by hiking its levies on U.S. imports to more than 80%.

The tit-for-tat escalation of tariffs threatens to crush trade between the world's two largest economies. According to the Office of the U.S. Trade Representative, the U.S. exported $143.5 billion of goods to China in 2024, while importing products worth $438.9 billion.

The Trump administration announced a sweeping new tariff policy last week, warning other countries not to retaliate. Some nations, including Japan, have seemed willing to negotiate on tariffs, but China appears to be taking a more hard-line stance and quickly announced a countertariff.

After China's initial response to the April 2 tariff rollout, Trump announced an additional 50% hike, putting the total level for import taxes on Chinese goods at 104%.

"It's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system," U.S. Treasury Secretary Scott Bessent told Fox Business on Wednesday after China's latest announcement. "They have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them."

The U.S. had already imposed new tariffs on China before it rolled out its full trade policy in April. China, along with Canada and Mexico, was hit with new levies at the start of Trump's second term as part of what the administration said was an effort to stop fentanyl from entering the U.S.

The trade war has spooked investors around the world by increasing the odds of slower economic growth, higher inflation and lower corporate profits, sparking a sharp sell-off in April.

The S&P 500 finished Tuesday down nearly 20% from its peak, putting the U.S. large-cap stock index in a bear market. South Korea's Kospi Index fell into a bear market of its own on Wednesday. Stocks in Shanghai and Hong Kong are also down sharply since the U.S. tariff announcement on April 2.

Get Your Ticket to Pro LIVE

Join us at the New York Stock Exchange!

Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.

In today's dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.

Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You'll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Karl_with_a_C on April 9th, 2025 at 11:39 UTC »

This is what you get when you elect a man who managed to bankrupt a fucking casino

excluded on April 9th, 2025 at 11:21 UTC »

Is america great again yet?

Few-Ad7795 on April 9th, 2025 at 11:14 UTC »

So we can assume that Xi isn't one of the leaders that Trump claims is lining up to kiss his ass?