The United States and China are right in the middle of a tariff war. President Trump has imposed a staggering 104% tariff on Chinese goods, effective since midnight on April 9, 2025, following a series of incremental increases.
China retaliated swiftly, raising its tariffs on American goods to 84% as of April 10, 2025. China’s President Xi Jinping plans to fight to the end with the United States. He believes the United States is trying to economically bully China and they are not going for it.
The economic fallout is already impacting many Americans. The United States stock market has slid, with the S&P 500 down 18.9% from its February 19 high, losing $5.8 trillion in market value over four days, the worst since the 1950s.