President Trump amended an executive order Tuesday to officially raise tariffs on China by 50% – bringing the total amount of new import fees against the US adversary to a whopping 104%.
The additional tariffs are in response to China’s retaliatory 34% duty US goods, which the communist regime announced days after Trump revealed he would slap about 90 countries with reciprocal tariffs based on their trade imbalances with the US.
“I am ordering modification of the Harmonized Tariff Schedule of the United States (HTSUS) and taking other actions to increase the duties imposed on the [People’s Republic of China] in response to this retaliation,” Trump wrote.
“In my judgment, this modification is necessary and appropriate to effectively address the threat to the national security and economy of the United States,” he added.
The president’s amended executive order also raises tariffs on de minimus shipments from China.
The duty on de minimus products – cheap goods valued at less than $800 – will rise from 30% to 90% under Trump’s retaliatory measures.
This is a developing story. Check back for more information.
