China announces 84% tariff on US exports as Trump plans more duties
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China has decided to respond promptly to the 104% tariffs on Chinese products imposed by the Trump administration, which came into effect today, shortly after midnight, with an 84% tariff on U.S. products exported to China. The Chinese Ministry of Finance stated that the escalation of U.S. trade policy is a major mistake, which violates China’s legitimate rights and interests and threatens the multilateral trade system.
The Chinese government has also decided to impose restrictions on 18 U.S. companies related to the defense industry as well as some law firms. Meanwhile, U.S. Treasury Secretary Scott Bessent criticized Beijing’s decision to not negotiate with the White House.
Meanwhile, Trump stated yesterday, during the Republican National Committee event, that tariffs for the pharmaceutical sector will soon be imposed, which worries analysts because it means that U.S. trade policy will continue to implement sectoral tariffs, regardless of the impact on global markets.
According to estimates by Farmindustria, this could be a heavy blow to the Italian pharmaceutical industry: a 25% tariff between the United States and other countries could cost global pharmaceutical companies 76.6 billion and 2.5 billion for Italian companies. As with other tariffs, the main goal would also be to bring pharmaceutical production back to the United States, which has been declining in recent decades, mainly because a large portion of pharmaceutical active ingredient production has been outsourced to China and other countries, as reported by the FDA (Food and Drug Administration.
The Chinese government has also decided to impose restrictions on 18 U.S. companies related to the defense industry as well as some law firms. Meanwhile, U.S. Treasury Secretary Scott Bessent criticized Beijing’s decision to not negotiate with the White House.
Meanwhile, Trump stated yesterday, during the Republican National Committee event, that tariffs for the pharmaceutical sector will soon be imposed, which worries analysts because it means that U.S. trade policy will continue to implement sectoral tariffs, regardless of the impact on global markets.
According to estimates by Farmindustria, this could be a heavy blow to the Italian pharmaceutical industry: a 25% tariff between the United States and other countries could cost global pharmaceutical companies 76.6 billion and 2.5 billion for Italian companies. As with other tariffs, the main goal would also be to bring pharmaceutical production back to the United States, which has been declining in recent decades, mainly because a large portion of pharmaceutical active ingredient production has been outsourced to China and other countries, as reported by the FDA (Food and Drug Administration.