Trump Tariffs Highlights: Meet halfway based on mutual respect', says China to US after Trump's 125% tariff move

European Commission President Ursula von der Leyen announced the European Union will suspend the imposition of counter-tariffs for 90 days, signaling a desire to ease transatlantic trade tensions.

The decision comes amid ongoing negotiations with the United States over industrial subsidies and tariffs, particularly in the context of clean energy and electric vehicles. Von der Leyen said the pause reflects the EU’s “commitment to constructive dialogue” and called it a “window of opportunity” to find common ground.

Global stock markets staged a dramatic rally on Thursday after U.S. President Donald Trump announced a 90-day pause on steep tariff hikes — excluding China from the relief. The move sparked a wave of investor optimism across Asia and Europe, even as uncertainty loomed over Beijing’s position.

Japan’s Nikkei 225 rocketed 9.1% to 34,609.00, leading gains in Asia. Australia's S&P/ASX 200 rose 4.5%, South Korea’s Kospi gained 6.6%, and Hong Kong’s Hang Seng added 2.1%. China’s Shanghai Composite posted a more restrained rise of 1.2% as tariff tensions with the U.S. persisted.

In Europe, Germany’s DAX jumped 5.6% to 20,776.76, France's CAC 40 rose 5.4% to 7,235.21, and Britain’s FTSE 100 climbed 4.0% to 7,983.37.

Stephen Innes of SPI Asset Management said investors went “from fear to euphoria,” calling the pause a “manageable risk” and a relief for Asia’s exporters. However, U.S. futures pulled back slightly, with the S&P 500 down 2.0% and Dow Jones futures 1.6% lower.

The surge followed one of Wall Street’s best trading days in history on Wednesday. Still, analysts warned that market volatility remains.

“Everything is still very volatile, because with Donald Trump, you don’t know what to expect,” said Francis Lun of Geo Securities. “The threat of recession has not faded.”

Trump said more than 75 countries are in trade talks and not retaliating, but confirmed China remains an exception — with tariffs on its goods increasing to 125%.

Oil prices retreated despite the market rally. U.S. crude dropped $1.62 to $60.73 a barrel, and Brent crude slid $1.67 to $63.81.

In currency markets, the dollar fell to 146.37 yen, while the euro strengthened to $1.1038.

Stocks rocketed Thursday as a relief rally spread through markets after Donald Trump paused crippling tariffs on US partners, with Chinese investors even brushing off his decision to ramp up duties on Beijing to 125 percent.

The across-the-board gains tracked a blistering performance on Wall Street as the US president said he would delay for 90 days measures announced last week that set off a firestorm on trading floors and sparked global recession fears.

Trump said he would keep in place a basic levy of 10 percent on dozens of countries but upped the ante in his brutal trade war with superpower rival China by hitting it even harder after it retaliated.

China's own 84 percent retaliatory measures kicked in at 0401 GMT Thursday, later saying that the United States "goes against the whole world" with the measures and called on Washington to "meet halfway".

Taiwan's economy is set to take a notable hit from newly imposed US tariffs, with government officials warning of a sharp reduction in the country's GDP growth for 2025, Taipei Times reported.

National Development Council (NDC) Minister Paul Liu told lawmakers on Tuesday that based on preliminary assessments by a private research institute, the tariffs could lead to a drop in GDP growth ranging between 0.43 and 1.61 percentage points.

The 32 per cent reciprocal tariffs, which officially took effect yesterday, are expected to significantly impact Taiwan's economic momentum. Liu noted that the tariffs could push Taiwan's GDP growth below the previously forecast 3 per cent, and possibly even down to 1.53 per cent.

These projections come in contrast to the 3.14 per cent growth estimate released in February by the Directorate-General of Budget, Accounting and Statistics. To better understand the full implications, Liu said the council has commissioned another institution for additional analysis of both short- and long-term effects.

Taiwan stocks closed up a record 9.3 percent on Thursday after US President Donald Trump paused tariffs on most countries.

The Taiex index rose 1,608.27 to 19,000.03, as tech giants TSMC and Foxconn soared almost 10 percent each.

China is reaching out to other nations as the US layers on more tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat. Days into the effort, it's meeting only partial success from countries unwilling to ally with the main target of President Donald Trump's trade war.

Facing the cratering of global markets, Trump on Wednesday backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions.

China has refused to seek talks, saying the US was insincere and that it will “fight to the end” in a tariff war, prompting Trump to further jack up the tax rate on Chinese imports to 125%. China has retaliated with tariffs on US goods of 84%, which took effect Thursday.

Trump's move was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the US and China.

China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.” The two are each other's largest trading partners.

“China is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,” the official Xinhua News Agency reported.

That was followed by a video conference between Chinese Commerce Minister Wang Wentao and EU Commissioner for Trade and Economic Security Šefčović on Tuesday to discuss the US “reciprocal tariffs.”

Wang said the tariffs “seriously infringe upon the legitimate interests of all countries, seriously violate WTO rules, seriously damage the rules-based multilateral trading system, and seriously impact the stability of the global economic order,” Xinhua said.

“It is a typical act of unilateralism, protectionism and economic bullying,” Wang said quoted as saying.

US President Donald Trump has signed an executive order lifting water-pressure restrictions on showerheads, a move the White House said would "make America's showers great again".

Trump has long complained about inadequate water pressure in American bathrooms which he blames on federal water-conservation regulations.

"In my case I like to take a nice shower, to take care of my beautiful hair," Trump told reporters as he signed the order in the Oval Office on Wednesday.

"I have to stand under the shower for 15 minutes till it gets wet. It comes out drip, drip, drip. It's ridiculous."

The order directs the Energy Department to roll back "radical green" regulations limiting the flow of showerheads to 2.5 gallons of water per minute.

The White House said the order "frees Americans from excessive regulations that turned a basic household item into a bureaucratic nightmare" and ends the "Obama-Biden war on showers".

Trump has targeted water-pressure standards for showerheads, toilets, dishwashers and other household appliances, since his first term.

India is keen to fast-track a trade agreement with the United States following President Donald Trump's surprise decision to pause tough new tariffs on most countries, including India, a government official said on Thursday.

"The 90-day pause on reciprocal tariffs is a relief for Indian exporters, especially shrimp exporters," an Indian official told Reuters, requesting anonymity.

The 90-day deferral of reciprocal tariffs decided by the US has come as a major relief as it provides a crucial window for pushing the talks on the proposed bilateral trade agreement between India and America, exporters said on Thursday. They said that diplomatic engagement and fast-tracking negotiations for the trade pact will help India deal with these tariffs.

"It is a good decision by the Trump administration. We have been assured by the commerce ministry that the agreement will be finalised at the earliest," Federation of Indian Export Organisations (FIEO) President S C Ralhan said.

He added that the move reflects a strategic pause aimed at avoiding immediate economic fallout while allowing space for potential resolutions.

"A huge relief to our exporters. The 90-day deferral of the reciprocal tariff provides a critical window for diplomatic engagement and trade negotiations," Ralhan added.

Welcoming the USA's decision, Mumbai-based exporter S K Saraf said that Indian industry should take advantage of high tariffs on China as it can import intermediates at affordable prices and promote domestic manufacturing.

"For example in textiles, we can import different types of yarns from China and produce garments for exports. It's a good opportunity for the elephant and dragon to come together. I think the pause would be extended further beyond 90 days and things will be normalised," Saraf, who exports to the US, said.

US President Donald Trump abruptly paused tariffs on most countries, sparking euphoria on global markets Thursday, but upped the ante on a brutal trade war with superpower rival China.

After days of turmoil, stocks on Wall Street and across Asia saw huge surges in reaction to Trump's announcement that he was halting a levy hike for almost all nations for 90 days.

But Trump also said he was raising tariffs on China to 125 percent because of a "lack of respect."

Beijing hit back with retaliatory levies of 84 percent on US imports, which came into effect just after midday (0401 GMT) on Thursday, the latest salvo in an escalating standoff between the world's two largest economies.

Trump has denied that he backtracked on the tariffs, telling reporters that "you have to be flexible."

"People were jumping a little bit out of line, they were getting yippy, a little bit afraid," Trump said. "Yippy" is a term in sports to describe a loss of nerves.

He said he had been watching the "very tricky" state of the crucial US bonds market before his decision.

"I saw last night where people were getting a little queasy," he said, as US bond yields rose during the stocks sell-off -- a major economic red light as American sovereign government debt is normally seen as a safe haven for investors in troubled times.

Trump also predicted that trade deals will be made with all countries, including China, which has for now refused to roll back retaliatory tariffs on US goods.

"A deal's going to be made with China. A deal's going to be made with every one of them," Trump said, adding however that China's leaders "don't quite know how to go about it."

India should reconsider negotiating a comprehensive free trade agreement (FTA) with the US as it could pose challenges to domestic sectors like agriculture, automobiles and pharmaceuticals, think tank GTRI said on Thursday. It cautioned that under trade pact with the US, many of Washington's demands such as weakening India's minimum price support system for farmers, allowing genetically modified food imports, lowering agricultural tariffs, changing patent laws to extend drug monopolies, and letting American e-commerce giants sell directly to consumers pose major risks.

The risks include harm to farmer incomes, food security, biodiversity, public health, and the survival of small retailers, the Global Trade Research Initiative (GTRI) said.

"Reducing tariffs on farm goods could affect the livelihoods of hundreds of millions, while slashing duties on cars could undercut a sector that accounts for nearly a third of India's manufacturing output. The collapse of Australia's car industry after deep tariff cuts in the 1990s offers a cautionary example," it added.

The remarks came in the backdrop of the USA's decision to defer imposition of additional 26 per cent import duty on India for 90 days. The 10 per cent baseline tariffs are there from April 5 on domestic goods entering the American market.

Tariffs of 84 percent on all Chinese imports of American goods took effect on Thursday, deepening a trade war between Beijing and Washington which has rocked global markets and sparked fears of a recession.

The levies will apply to all US products entering the world's second-largest economy, which according to the office of the US Trade Representative, totalled $143.5 billion in 2024.

Vietnam and the United States agreed to start negotiations on a reciprocal trade agreement, Hanoi said Thursday, hours after Washington delayed imposing an enormous tariff on the Southeast Asian manufacturing powerhouse.

The United States was Vietnam's biggest export market in the first three months of the year, but President Donald Trump hit it with a 46 percent duty as part of a global trade blitz announced last week.

After Trump paused the stiff new tariffs on Wednesday, Vietnam's Deputy Prime Minister Ho Duc Phoc suggested the two countries "should soon negotiate a bilateral trade agreement... to promote stable and mutually beneficial economic and trade relations", according to a statement on the government news portal.

Phoc has been appointed by top leader To Lam to negotiate with the United States on tariffs, and he met with US Trade Representative Jamieson Greer on Wednesday.

"The United States agreed that the two sides should initiate negotiations on a reciprocal trade agreement, which would include tariff agreements, and asked technical levels from both sides to begin discussions immediately," according to the government statement.

Vietnam stocks soared more than 6.5 percent on Thursday after Washington delayed the imposition of a 46 percent tariff on exports from the country.
The main index was up by 72.41 points, or 6.62 percent, to 1,166.71 points shortly after opening on Thursday.

Japan's government said Thursday it received "positively" US Donald Trump's pause on new tariffs but still "strongly" demands that Washington reconsider other levies.

"We received the latest US announcement positively," chief government spokesman Yoshimasa Hayashi told a regular briefing.

But he added: "We continue to strongly demand that the United States reviews measures on its reciprocal tariffs, tariffs on steel and aluminium, and tariffs on vehicles and auto parts."

Trump's announcement last week of sweeping "reciprocal" tariffs for a slew of countries included a 24-percent levy on imports from Japan, the world number four economy.

Trump announced on Wednesday a 90-day pause on these tariffs but others remain in place, including 25-percent levies on cars coming into the United States.

The auto sector in Japan, a close US ally, is a major pillar of the economy, employing about 5.6 million people directly or indirectly.

These and other Japanese firms are also heavily reliant on production sites elsewhere, including in countries such as Vietnam hit with even higher tariffs.

Asian shares surged in Thursday trading, with Japan’s benchmark jumping more than 2,000 points almost immediately after the Tokyo exchange opened, as investors welcomed President Donald Trump ’s decision to back off on most of his tariffs.

Analysts had expected the regional comeback given that U.S. stocks had one of their best days in history Wednesday on a euphoric Wall Street, where investor hopes had run high that Trump would tone down the tariffs.

On Thursday, Japan’s benchmark Nikkei 225 jumped 8.2% in morning trading to 34,302.05, zooming upward as soon as trading began. Australia’s S&P/ASX 200 soared 4.7% to 7,721.40. South Korea’s Kospi gained 4.9% to 7,721.40. Hong Kong's Hang Seng added 2.8% to 20,821.48. The Shanghai Composite edged up 0.6% to 3,207.35.

Taiwan's stock market experienced a dramatic rise of 9.2 percent during Thursday's early trading session, following the upward trend in global markets after US President Donald Trump announced the suspension of major trade tariffs, whilst maintaining those on China.

The Taiex index recorded a significant increase of 1,590.79 points, reaching 18,982.55 within the initial five minutes of trading. Notable Taiwanese technology companies demonstrated remarkable gains, with TSMC witnessing a 10 percent increase and Foxconn achieving a 9.8 percent rise.

Australian blue-chip stocks surged 6.3 percent in opening trade Thursday after US President Donald Trump hit pause on his highest trade tariffs -- except for those on China.

The benchmark ASX 200 index of the largest listed companies leapt 6.3 percent in the first 10 minutes after opening on the Australian Securities Exchange.

US President Donald Trump said he doesn’t expect to raise tariffs on China further, suggesting Beijing will eventually come to the negotiating table under the current pressure.

“We calculated it very carefully,” Trump told reporters at the White House, adding, “I can’t imagine we would need to go higher.” The president's sweeping new tariff regime, which includes a 54% reciprocal rate on Chinese imports, has rattled global markets and drawn fierce criticism from economists and lawmakers.

Despite the tough measures, Trump struck a more optimistic tone when discussing Chinese President Xi Jinping, calling him “one of the smartest people in the world” and a leader who “loves his country.” Speaking from the Oval Office, Trump said, “Xi is a man who knows exactly what has to be done. We will get a phone call at some point, and then it’s off to the races.”

The White House has announced a 90-day suspension of tariffs exceeding 10% for all countries, excluding China, Mexico and Canada. The baseline 10% rate became effective from April 5.

According to a White House official, Canada and Mexico were never subject to the 10% baseline rate, and this remains unchanged. The existing tariff structure for these nations continues: trade under the US-Mexico-Canada agreement remains tariff-free, whilst non-USMCA trade carries a 25% tariff. These measures, initially implemented to address the fentanyl crisis, stay in place.

House Speaker Mike Johnson encountered a recurring challenge on Tuesday: Conservative Republican dissenters are blocking progress on President Donald Trump's significant legislation concerning tax reductions and expenditure cuts, as they reject the Senate Republican budget outline endorsed during the weekend, deeming its cuts insufficient.

President Trump called House Republicans from the Freedom Caucus to the White House for what sources described as a tense midday discussion. Although Trump pressed for support, several Republican members informed the president they would withhold their backing for the Senate proposal unless deeper spending reductions were guaranteed.

“I’m tired of the fake math in the swamp,” said Rep. Chip Roy, R-Texas, a Freedom Caucus leader, before heading to the White House.

After meeting with Trump, Roy was among those unmoved. “I’m still a no.”

The incoming German chancellor Friedrich Merz commented that the US President Donald Trump's choice to suspend intended tariff hikes for numerous nations demonstrated European solidarity.

In response to a query regarding Trump's policy shift during an RTL interview, Merz stated that the declaration was a "reaction to the determination of Europeans". In a distinct conversation with ARD public broadcasting, Merz indicated his intention to arrange a meeting with Trump "soon" following his assumption of office.

President Donald Trump said he had noted the "very tricky" state of the crucial US bonds market before his sudden climbdown on global tariffs Wednesday.

"I was watching the bond market. The bond market is very tricky. I was watching it," he said at the White House. "I saw last night where people were getting a little queasy."

US President Donald Trump predicted that trade deals will be made with all countries, including China, but said he did not think Beijing was ready yet.

"A deal's going to be made with China. A deal's going to be made with every one of them," Trump said at the White House. However, China's leaders "don't quite know how to go about it," he added.

The WTO's head indicated that the ongoing trade dispute between the US and China could lead to an 80 percent reduction in goods trade between these economic powerhouses, with adverse effects on the global economy.

The US President increased tariffs on Chinese goods to 125 percent on Wednesday, amidst escalating tensions between the world's largest economies over reciprocal trade measures.

"The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 percent," WTO director general Ngozi Okonjo-Iweala said in a statement.

She cautioned that this trade conflict could have severe negative implications for worldwide economic prospects.

Despite implementing additional tariffs on China, the US President granted a 90-day suspension on increased tariffs for other nations after numerous countries initiated dialogue for negotiations.

US stock markets experienced a significant rally following President Donald Trump’s announcement of a 90-day tariff pause. The move provided a much-needed boost to investor sentiment, reversing the market volatility caused by escalating trade tensions earlier in the week.

Trump’s decision to temporarily ease the ongoing tariff war sparked a surge in major indices. As of 1:36 PM GMT-4, the Dow Jones jumped by over 2,300 points, rising 6.18%, while the Nasdaq soared 8.75%, and the S&P 500 climbed 7.07%. Gold prices also gained, rising 3.22%, reflecting optimism across markets.

"Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable. Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" Trump announesd

Commerce and industry minister Piyush Goyal on Wednesday told exporters "not to panic" and assured them India is working on the "right mix and right balance" towards its proposed bilateral trade agreement (BTA) with the United States.


Goyal made the remarks during a meeting called by the commerce ministry with the export promotion councils and industry bodies in view of the emerging trade scenario due to the imposition of high tariffs by US President Donald Trump, according to an official statement.

China advised its citizens heading to the United States to "fully assess the risks" before travelling there, after Beijing and America's horns locked in a tariff war where one another is just slapping retaliatory tariffs against each other.

China's ministry of culture and tourism released an advisory on Wednesday for its citizens, stating, "Due to the deterioration in China-US trade relations and the domestic security situation in the United States, (we) advise Chinese tourists to fully assess the risks before travelling to the US."

This advisory came hours after China declared its decision to raise tariffs on US goods from 34 per cent to 84 per cent, effective April 10.

China has filed a complaint with the World Trade Organization over bruising tariffs imposed by Washington, Beijing's commerce ministry announced Wednesday, accusing US President Donald Trump of engaging in "bullying" tactics.
Trump's latest salvo of tariffs came into force Wednesday, hitting China the hardest and bringing levies against the world's second-largest economy to 104%.

In retaliation, Beijing hiked its own tariffs on American goods to 84%, up from an initial 34%, propelling the tit-for-tat standoff to new levels.

Beijing has called for the world to unite against Trump's aggressive trade policy, and warned that it intends to "fight it to the end".

Calling the snowballing rounds of tariffs unleashed on China since February "a grave mistake", a spokesperson for the commerce ministry said the cumulative measures highlight "the unilateral bullying nature of the US actions".

US Treasury Secretary Scott Bessent told a summit Wednesday that countries choosing to align with China on trade would harm themselves, warning of excess production and "dumping" from the world's second biggest economy.

"That would be cutting your own throat," Bessent said of European governments that might be considering closer ties with Beijing after President Donald Trump's fresh tariffs kicked in. He said of China: "They just keep producing and producing, dumping and dumping, and it's going somewhere."

"The Boys: MAGA Edition” — where every man thinks he’s the protagonist, every policy is personal, and every press conference feels like a rejected episode of prestige television. Elon Musk is trying to save capitalism from Peter Navarro. Navarro is trying to save America from China. And Trump? He’s just floating above it all, cape flapping, laser eyes ready, basking in the carnage like a narcissist god with a Twitter feed.

After China imposed 84 per cent tariffs, the US stock markets showed a mixed but slightly positive performance on Wednesday, with the Nasdaq Composite leading the charge. And as the market is still in a little red, it seems that Trump loses his coolness. He in a post on Truth Social said, "BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!"

France's foreign trade minister said a tariff war would be "harmful for everyone", as tensions between the European Union and the United States simmer over sweeping US tariffs.

US President Donald Trump announced a 20 percent tariff last week on European goods in his all-out protectionist offensive, higher than a baseline 10 percent he imposed on most countries.

"We never wanted tariffs to escalate. We believe that a tariff war is harmful for everyone," minister Laurent Saint-Martin told reporters in the Indonesian capital Jakarta.

He called for talks with Washington over the sweeping tariffs to find a solution.

As of 9:50 AM GMT-4 on April 9, 2025, the Dow Jones Industrial Average had climbed by 21.35 points, or 0.057%. The S&P 500 also posted gains adding 19.39 points (0.39%) to reach 5,002.16. The Nasdaq Composite surged by 190.59 points, or 1.25%, reaching 15,458.50, as technology stocks led the broader rally.,

The EU adopted its first measures hitting back at President Donald Trump's tariff onslaught, targeting more than 20 billion euros of US products including soybeans, motorcycles and beauty products, the European Commission said.

EU members approved new tariffs on $23 billion in US goods in retaliation for Trump's steel, aluminum tariffs.

"These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome," a commission statement said. The levies are retaliation for previous US duties on steel and aluminium -- with Europe's response to Trump's latest tariffs salvo yet to be announced.

US Treasury Secretary Scott Bessent said Wednesday that countries which do not retaliate to President Donald Trump's fresh tariffs would not face higher rates, after Washington and Beijing entered a tit-for-tat escalation.

"I think what a lot of people are missing here is that the levels that were put out last Wednesday are a ceiling, if you don't retaliate," Bessent told a summit in Washington, adding that China has chosen to escalate the situation.

The US dollar dropped against the euro and other main rivals on Wednesday as President Donald Trump's tariffs triggered strong retaliation from China, fuelling recession fears.

The dollar plunged 1.1 percent against the European single currency to $1.1083, as the greenback also dropped against the Swiss franc and the Japanese yen, seen as safe-haven currencies.

"This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing. ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!" Trump said in a post on Truth Social.

China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, the finance ministry said. The finance ministry said it would impose additional tariffs on US goods from April 10. The commerce ministry said it had added 12 U.S. entities to the export control list and 6 US entities to the 'unreliable entity' list

US President Donald Trump reignited market turmoil on Wednesday as punishing tariffs on dozens of countries kicked in, with China set to retaliate after being hit with levies topping 100 percent.
Following the sweeping 10 percent tariffs that took effect over the weekend, the tax US importers pay to buy goods from the likes of the European Union, Japan and Vietnam rose dramatically higher overnight.

After some respite on Tuesday, stock markets were in panic mode again, with Tokyo's Nikkei index closing almost four percent lower on Wednesday while Paris, Frankfurt and London were down around three percent in their midday trading.

Russia said Wednesday that US President Donald Trump's imposition of sweeping tariffs showed his disregard for the foundations of international trade, as Moscow raised concerns about a trade war between the United States and China.


"It seems to me that the White House's latest tariff decision, which goes against or is contrary to (and) violates fundamental WTO rules, demonstrates that Washington no longer considers itself bound by the norms of international trade law," Russian foreign ministry spokeswoman Maria Zakharova said.

China has released a white paper criticising the US for imposing tariffs on over $500 billion worth of Chinese exports since 2018, calling it a form of "unilateralism and protectionism" that undermines global trade cooperation.

China's State Council Information Office on Wednesday released a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations." The paper alleged that friction in trade between the US and China has significantly impeded normal economic and trade cooperation between the two countries, as reported by Xinhua.

According to Xinhua, yhe Chinese government issued the document to clarify the facts about China-US economic and trade relations and elaborate the position of the Chinese side on relevant issues, according to the white paper.

This comes after the White House announced on Tuesday (local time) the imposition of a 104 per cent tariff on China starting Wednesday, marking a significant escalation amid the tariff tension that has shaken the markets.

American consumers braced for pain even ahead of President Donald Trump's hefty tariffs on imported products, which came into effect overnight Tuesday into Wednesday.

Some rushed out to buy the latest smartphones ahead of any price increases, while others said they had been watching their spending more closely than before.

"I live in an apartment. You can't stockpile," a retired woman told AFP on Tuesday as she loaded her groceries into her car at a Costco store on the outskirts of the US capital.

The woman, who requested anonymity, said she has begun cutting back on spending in recent weeks as a precaution.

"Things are going to keep going up, and we need the money to buy more food next week or the week after," she said.

Despite pleas from top trading allies, the United States has now entered the next major phase in Trump's tariff war, with huge and sweeping new import taxes targeting goods from many countries.