Trump Slaps 104% Tariff on Chinese Goods, Sparks Global Market Turmoil

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Rabu, 9 April 2025 - 19:00 WIB

Jakarta, VIVA – President Donald Trump is reportedly set to raise import tariffs on all Chinese products to as high as 104%, starting Wednesday (Apr 9).

The announcement was made by White House Press Secretary Karoline Leavitt in a press statement that immediately rocked global markets, as reported by CNN on Wednesday.

Initially, China had prepared for an additional 34% tariff as part of Trump’s reciprocal tariff package.

However, after Beijing insisted on maintaining its retaliatory 34% tariff on U.S. goods, Trump decided to impose an additional 50% penalty—bringing the total increase to 84%.

The Chinese government swiftly condemned the move. Through its Ministry of Commerce, Beijing called Trump's action a "series of grave mistakes" and vowed to ramp up retaliation on U.S. exports.

The situation rattled U.S. stock markets. The Dow Jones closed down by 320 points (0.84%), the S&P 500 fell by 1.57%, and the tech-heavy Nasdaq plunged 2.15%.

The ripple effect reached Asia, where markets also took a hit. Japan’s Nikkei 225 opened down by around 3%, Hong Kong’s Hang Seng dropped 3%, while South Korea’s KOSPI and Australia’s ASX 200 each fell about 1%.

This move continues Trump’s earlier tariff policy introduced in February, when he slapped a 10% tariff—without exceptions—on all products from China.

He linked the policy to alleged Chinese involvement in aiding illegal immigration and fentanyl smuggling into the U.S.

For context, last year China was the second-largest source of U.S. imports, with $439 billion worth of goods shipped to America.

In contrast, the U.S. exported only $144 billion worth of goods to China. This escalating trade war is expected to hurt domestic industries in both countries and trigger waves of layoffs.

Beyond China, dozens of other countries—including the European Union and Indonesia—are also facing new tariff deadlines from Trump, with rates ranging between 11% and 50%.

Leavitt added that while discussions have taken place with several world leaders, Trump has no plans to delay the implementation.

She stated that the president has instructed the U.S. trade team to draft customized deals for nations willing to negotiate.