The White House has confirmed that tariffs on Chinese goods totalling 104 per cent will be enforced from 5am UK time on Wednesday. This move marks a significant escalation in the trade dispute between the United States and China. In response, Beijing accused Donald Trump of “blackmail” and vowed to “fight to the end”. A spokesperson for the White House stated that the tariffs would take effect from midnight Washington time and emphasised that China “has to make a deal with the US”, criticising its retaliatory approach.
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China’s Commerce Ministry released a statement denouncing the tariffs as “completely groundless” and described the measures as “unilateral bullying”. The ministry signalled the possibility of further retaliatory action, defending its response as “legitimate” and essential to protect national interests. Meanwhile, US Treasury Secretary Scott Bessent condemned China’s stance, calling its escalation a “big mistake”. The situation has drawn criticism in the UK, with Health Secretary Wes Streeting warning that Britain could feel the economic fallout, particularly in sectors like medicines supply.
Markets reacted cautiously, with the FTSE 100 opening slightly higher on Tuesday, though recent days have seen sharp volatility. The broader concern is that the mounting trade tensions could destabilise global markets. Experts warn that if tariffs continue to rise, the dispute could become more about political pride than economic logic. Chinese economist Xu Tianchen noted that since China already faces tariffs exceeding 60 per cent, additional hikes may do little to change the situation but could encourage China to pivot towards alternative trading partnerships.
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Trump’s threats of increased tariffs — including a 50% rise on top of recent levies — also risk backfiring domestically by pushing up consumer prices in the US. His social media posts warned that if China fails to reverse a 34% increase by 8 April, the US will impose the additional tariffs the following day and cease all trade talks. Meanwhile, the European Union has prepared its own counter-tariffs, adding to the growing list of affected countries and raising concerns that the escalating trade war could tip the global economy towards a recession.
