Goods imported from China will now face a combined total tariff rate of 54%, Treasury Secretary Scott Bessent said Wednesday.
Bessent confirmed on Bloomberg Television that all goods imported from China would face a new 34% rate based on White House calculations of what it currently imposes on U.S. exports, plus the existing 20% rate Trump had already imposed against it in the initial weeks of his administration.
Bessent added that while there may be room for discussions with Trump about that rate, he would most likely stand pat for now.
“It’s going to be up to President Trump to see what he wants to do. I think the mindset might be to let things settle for a while,” Bessent said, adding: “I am sure there are going to be a lot of calls. I just don’t know if there’s going to be negotiations.”
The 54% total is close to the 60% or more in tariffs that Trump threatened to impose on China during his 2024 presidential campaign.
China’s tariff rate could also be even higher. CNBC reported that Wednesday’s tariffs, plus the 20% rate, combined with tariffs from Trump’s first term and a tariff put on China related to fentanyl would reach 76%.
Responding on Thursday, China urged the Trump administration to cancel the new U.S. tariffs and said it would “resolutely take countermeasures” to protect its rights and interests.
“The so-called ‘reciprocal tariffs,’ based on the U.S.’s own subjective and unilateral assessments, violate international trade rules, severely harm the legitimate rights and interests of other parties, and represent a typical act of unilateral bullying,” the Chinese Commerce Ministry said in a statement.
The United States imports nearly $500 billion worth of goods from China every year, making it one of the largest sources of foreign goods. Big-box retailers rely heavily on China for low-cost sourcing — and their stocks fell in after-hours trading Wednesday.
Target was down as much as 5.5%, while Walmart was off 4.7%.
Markets and trading partners alike have reacted severely to Trump’s tariffs plan, which seeks to disrupt long-standing global trading arrangements. The prime minister of Australia, which unlike many other U.S. trade partners buys more from the U.S. than it sells, said the new duties, which take effect next week, will harm not just long-standing partners but also U.S. families.
“The administration’s tariffs have no basis in logic, and they go against the basis of our two nations’ partnership. This is not the act of a friend,” Prime Minister Anthony Albanese said at a news conference Thursday morning in Melbourne, according to Bloomberg News. “Today’s decision will add to uncertainty in the global economy, and it will push up costs for American households.”