By Stefan J. Bos, Chief International Correspondent Worthy News
WASHINGTON (Worthy News) – White House press secretary Karoline Leavitt confirmed that President Donald J. Trump’s tariffs, including the steep duties set for Chinese imports, will go into effect just after midnight (Eastern Standard Time), stalling a big bounce-back rally on Wall Street Tuesday.
Leavitt said China’s retaliatory tariffs were a mistake, and in response, the administration would increase China’s total tariff rate to a whopping 104 percent at midnight.
Since taking office, Trump has already placed 20 percent tariffs on Chinese imports. He was set to increase the rate by 34 percent starting Wednesday, but he said he would add an additional 50 percent because of China’s retaliation.
Leavitt said the administration would prioritize allies as advisers consider deals to lower tariffs.
It stalled a rally on Wall Street Tuesday, with volatility picking up in the afternoon. The Dow industrials index rose 1461 points early, reflecting investor faith that the administration may deliver on talk of potential trade deals.
However, by late afternoon, they were down 0.5 percent. The S&P 500 index of America’s leading companies fell 1.7 percent, and the tech-heavy Nasdaq index was off by more than 2 percent after each rallied more than 4 percent earlier in the turbulent day.
Despite the market impact of his tariffs, President Trump hit back hard against China but left the door open for talks to lower tariffs on other countries.
“They can both be true,” Trump said Monday, when asked whether the tariffs are permanent or up for negotiation.
Trump’s remarks left countries and industries to fend for themselves ahead of his self-imposed deadline Wednesday for imposing steep duties on nations such as China, Japan, and Vietnam.
Officials said more than 50 countries hadcontacted the White House in recent days to try to cut a deal with Trump, putting the president in the middle of a rush to avoid an all-outtrade war that critics warn could lead to a global recession.
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