Summary
The U.S. raised total tariffs on Chinese imports to 54%, combining a new 34% “reciprocal” rate with an existing 20% tariff.
Some estimates, including fentanyl-related and past tariffs, place the effective rate as high as 76%.
China condemned the move as “unilateral bullying” and pledged countermeasures.
U.S. retailers like Target and Walmart saw stock drops, while global leaders, including Australia’s prime minister, criticized the tariffs for hurting trade relations and increasing consumer costs.
Trump’s administration appears unlikely to negotiate changes in the near term.