White House says 104pc China tariffs take effect Wed

The United States said on Tuesday that 104 percent duties on imports from China will take effect shortly after midnight - or midday Hong Kong time - even as the Trump administration moved to quickly start talks with other trading partners targeted by President Donald Trump's sweeping tariff plan. US stocks dropped on Tuesday for a fourth straight trading day since Trump's tariffs announcement last week, with the S&P 500 closing below 5,000 for the first time in almost a year. The index is now 18.9 percent below its most recent high on February 19, close to the 20 percent decline that defines a bear market.The White House has made clear that country-specific tariffs of up to 50 percent would take effect at 0401 GMT as planned. Those tariffs will be especially steep for China, as Trump has ratcheted up duties on its imports to 104 percent in response to countertariffs Beijing announced last week. China has refused to bow to what it called blackmail and has vowed to fight to the end.White House press secretary Karoline Leavitt told a news briefing on Tuesday that President Trump believed China wanted to make a deal with the United States concerning additional tariffs."The Chinese want to make a deal. They just don't know how to do it," Leavitt said. "He believes China has to make a deal with the United States." If China reaches out, she added, Trump would be "incredibly gracious, but he's going to do what's best for the American people."Meanwhile, Canadian Prime Minister Mark Carney said his country's 25 percent tariff on some vehicles - a countermeasure to match Trump's approach - would take effect immediately after midnight local time."President Trump caused this trade crisis - and Canada is responding with purpose and with force," Carney said on X.Canada and Mexico were exempt from the new round of tariffs Trump announced last week, but previous levies remained in place. Most goods that comply with the existing trade agreement between the three countries are not subject to those tariffs. (Reuters)

The United States said on Tuesday that 104 percent duties on imports from China will take effect shortly after midnight - or midday Hong Kong time - even as the Trump administration moved to quickly start talks with other trading partners targeted by President Donald Trump's sweeping tariff plan. US stocks dropped on Tuesday for a fourth straight trading day since Trump's tariffs announcement last week, with the S&P 500 closing below 5,000 for the first time in almost a year. The index is now 18.

9 percent below its most recent high on February 19, close to the 20 percent decline that defines a bear market. The White House has made clear that country-specific tariffs of up to 50 percent would take effect at 0401 GMT as planned. Those tariffs will be especially steep for China, as Trump has ratcheted up duties on its imports to 104 percent in response to countertariffs Beijing announced last week.

China has refused to bow to what it called blackmail and has vowed to fight to the end. White House press secretary Karoline Leavitt told a news briefing on Tuesday that President Trump believed China wanted to make a deal with the United States concerning additional tariffs. "The Chinese want to make a deal.

They just don't know how to do it," Leavitt said. "He believes China has to make a deal with the United States." If China reaches out, she added, Trump would be "incredibly gracious, but he's going to do what's best for the American people.

" Meanwhile, Canadian Prime Minister Mark Carney said his country's 25 percent tariff on some vehicles - a countermeasure to match Trump's approach - would take effect immediately after midnight local time. "President Trump caused this trade crisis - and Canada is responding with purpose and with force," Carney said on X. Canada and Mexico were exempt from the new round of tariffs Trump announced last week, but previous levies remained in place.

Most goods that comply with the existing trade agreement between the three countries are not subject to those tariffs. (Reuters).