According to the latest information, the White House announced that a 104% customs duty has been imposed on China, effective from noon (US time).
Trump on Monday threatened to raise existing tariffs on China by 50% on Wednesday if Beijing does not drop its retaliatory tariffs on U.S. goods by Tuesday.
The same day, Trump noted that China faces a “12 o’clock” deadline to lift tariffs.
Beijing has been categorical that it will not lift the 34% retaliatory tariffs. According to the Washington Post, Elon Musk, the de facto head of the DOGE initiative and a senior advisor to Trump, personally appealed to the president over the weekend to withdraw the tariff plan.
The Post reported: “The intervention attempt has so far failed, confirmed by two people familiar with the matter who spoke on condition of anonymity.”
The news comes after Musk's days-long feud with Trump trade adviser Peter Navarro, an ardent supporter of the tariffs.
*This is not investment advice.
