Trump’s tariffs officially take effect

US President Donald Trump's latest round of tariffs has officially taken effect, targeting approximately 60 trade partners, all labeled by Trump as the "worst offenders" in unfair trade practices.

More notably, Trump imposed a staggering 104 percent rate on imports from China amid an escalating economic standoff between the world’s two largest economies. 

The announcement of these new levies last week resulted in a dramatic loss of trillions of dollars across global markets, heightening fears among American consumers about potential price hikes and prompting analysts to warn of a possible recession.

On Tuesday, Trump acknowledged the fallout from the tariffs, describing it as "somewhat explosive," yet he also noted that revenue from the tariffs had been "pouring in." Speaking at a Republican Party dinner in Washington, he addressed the 104 percent tariff on China, admitting that it "sounds ridiculous," but insisted that Beijing was eager to "make a deal" to avoid such severe measures.

In his remarks, Trump celebrated his contentious trade policies, stating that many countries had "ripped us off left and right," and declared, "But now it's our turn to do the ripping." He asserted confidence in his approach, telling attendees, "I know what the hell I'm doing," and claimed that nations affected by his tariffs were "dying to make a deal."

The high tariff rate for China was reached after a series of retaliatory measures. Trump had originally announced a 20 percent tariff, which he increased by an additional 34 percent last week in response to China's counter-tariffs. Following Trump's threats of a total 104 percent tariff if China did not relent, Beijing accused him of acting like a bully. Nevertheless, Trump maintained that "they want to make a deal" but were struggling with how to initiate negotiations due to their pride.

Analysts have expressed skepticism about the effectiveness of Trump's strategy, with some suggesting that Washington may be "overplaying its hand." In a stern response, Chinese officials vowed to "fight to the end" against what they described as aggressive US tactics. Foreign Ministry spokesperson Lin Jian criticized the US for its "abusive" tariff impositions and urged for an approach based on equality, mutual respect, and reciprocity.

Although no new retaliatory measures have been announced by Beijing, Lin warned that China would take "firm and forceful measures" to protect its rights and interests. A white paper issued by the Chinese government reiterated its willingness to engage in dialogue to resolve trade differences with the US.

Trump claimed that more than 70 countries had expressed interest in negotiating since the tariff announcements, saying, "I'm telling you these countries are calling us up, kissing my a**. They are dying to make a deal."