U.S. tariffs up to 104% on China as RBNZ cuts interest rates
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The latest U.S. tariffs came into effect today, shortly after midnight, and have been customized for about 60 countries, replacing previous tariffs introduced on Saturday, April 5th. The rates range from 11% to 50%, while for China, the new duties have risen to 104%, as was already announced on Monday by U.S. President Donald Trump.
Analysts are definitely concerned about the high tariff percentage against Beijing, especially due to the timing of this escalation: in January, Trump had threatened to raise levies on Chinese exports to 10%, and within a few months, the rate reached 104%. Meanwhile, Beijing government’s high-profile officials may meet as early as today to discuss the next steps needed to stabilize both the economy as well as capital markets, and to stimulate domestic consumption.
East Asian countries are among those hit with the highest tariff percentages, such as Cambodia (49%) and Vietnam (46%). This could seriously disrupt the supply chains of many apparel brands and multinational companies like Nike or the Inditex group.
The Reserve Bank of New Zealand is also beginning to take action, which is why it has decided to cut interest rates, while preparing to manage U.S. tariffs’ impact, which for New Zealand are set at 10%.
Analysts are definitely concerned about the high tariff percentage against Beijing, especially due to the timing of this escalation: in January, Trump had threatened to raise levies on Chinese exports to 10%, and within a few months, the rate reached 104%. Meanwhile, Beijing government’s high-profile officials may meet as early as today to discuss the next steps needed to stabilize both the economy as well as capital markets, and to stimulate domestic consumption.
East Asian countries are among those hit with the highest tariff percentages, such as Cambodia (49%) and Vietnam (46%). This could seriously disrupt the supply chains of many apparel brands and multinational companies like Nike or the Inditex group.
The Reserve Bank of New Zealand is also beginning to take action, which is why it has decided to cut interest rates, while preparing to manage U.S. tariffs’ impact, which for New Zealand are set at 10%.