U.S. President Donald Trump has imposed a 104% tariff on all goods from China. It comes as the world's two biggest economies go head-to-head in a trade war, causing global markets to plummet.
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00:00These Chinese products sold in the U.S. are now subject to a mammoth 104% tariff.
00:08That's after U.S. President Donald Trump hiked levies on all imported goods from China
00:12as the two countries engage in a trade war showdown.
00:16Right now China is paying a 104% tariff. Think of it, 104%.
00:22Now it sounds ridiculous, but they charged us for many items, 100%, 125%.
00:31Many countries have. They've ripped us off left and right.
00:35As part of sweeping global tariffs announced last week,
00:38Trump imposed a 34% levy on Beijing, on top of the 20% already applied this year.
00:44When China responded with a retaliatory 34% tariff, the U.S. President added an extra 50%.
00:51The White House says nearly 70 countries impacted by the measure are attempting to negotiate a deal
00:57with the U.S., including Taiwan. And China should too.
01:02The President believes that Xi and China want to make a deal.
01:04They just don't know how to get that started.
01:06And the President also wanted me to tell all of you that if China reaches out to make a deal,
01:10he'll be incredibly gracious, but he's going to do what's best for the American people.
01:15China claims the U.S. has not showed any willingness for dialogue around these issues.
01:21The U.S. has proved to stabilize its domestic market by increasing its holdings in stock market
01:25index funds, as it refuses to bow to pressure from the U.S.
01:29Economic analysts believe Trump's dramatic trade escalation with China is aiming to reconstruct
01:47the global supply chain by attempting to force Beijing's hand to reduce the U.S. trade deficit
01:53and negotiate on what America sees as unfair trade practices.
01:57I think right now they really want to get Beijing on the negotiation table to really discuss how
02:04they are going to move forward with the tariff rates and how they are going to address some of
02:09the concerns within Washington, the concerns within Beijing.
02:14But the 104% tariff will not only hurt China.
02:19American importers who rely on Chinese markets will bear the cost of tariffs
02:23and pass that on to consumers.
02:26After this week, we're going to, we might going to increase the price for those products.
02:33I mean, those ingredients and then the sauce.
02:37How much will they be, how much will they increase the price for us?
02:43Markets are already feeling the pain, with stocks across Asia plummeting.
02:49Despite the financial turmoil, Trump has pushed ahead with the latest tariff measures.
02:54The focus is now on how China will respond to the escalation and how the impacts of a trade
02:59war between the world's two biggest economies will ripple across the globe.
03:03Dolphine Chen and Rosie Greninger for Taiwan Plus.