The U.S.–China trade conflict entered a volatile new phase Monday after the White House confirmed a dramatic escalation in tariffs on Chinese imports.
According to Fox Business reporter Edward Lawrence, “White House Press Secretary says 104% additional tariffs went into effect at noon Eastern time because China has not removed its retaliation. The 104% additional tariff will be collected starting tomorrow April 9th.”
White House Press Secretary says 104% additional tariffs went into effect at noon eastern time because China has not removed it's retaliation. The 104% additional tariff will be collected starting tomorrow April 9th. #trade #Tariffs #POTUS #china
— Edward Lawrence (@EdwardLawrence) April 8, 2025
The steep new tariffs follow President Trump’s threat last week to impose punitive measures if China didn’t roll back its retaliatory 34% tariffs. Beijing refused, prompting a response that significantly raises the stakes in a trade standoff already rattling global markets.
China’s Commerce Ministry called the move “a mistake on top of a mistake” and vowed to “fight to the end.”
Markets wasted no time reacting. Bitcoin (BTC), which had soared to $109,000 following Trump’s inauguration in January, fell to $77,657 on Monday—a stunning reversal that has pared back the so-called “Trump rally” in crypto to just 15%. Ethereum (ETH) dropped to $1,504, also down sharply.
With inflation still sticky, unemployment rising, and consumer confidence faltering, the prospect of a full-blown trade war is raising serious fears of a policy-driven recession.
This story is developing.
