Trump vs. Xi: Where the US-China Tariff Battle Stands Now

Donald Trump has announced a new 50% tariff on Chinese goods, less than two days after Beijing imposed a 34% tariff on the US. The said move by China was in response to Trump's earlier reciprocal tariff order.

With this latest increase, total US tariffs on Chinese goods now stand at 84% — a record high.

In addition, the US has a 10% global tariff that applies to all countries. For China, this means a combined tariff burden of 94%.

Trump gave Chinese President Xi Jinping a 24-hour deadline to withdraw Beijing's new tariff. If not, the full 94% tariff will apply.

Trump has repeatedly accused China of decades of "tariff abuse." China hit back quickly, matching Trump's 34% hike. Beijing had earlier warned that such actions would trigger a "painful trade war" that helps no one.

On Tuesday, China’s commerce ministry called the US threat “blackmail” and said Trump's tariff demand was a “mistake on top of a mistake.”

Meanwhile, global stock markets and oil prices have plunged for three straight days in reaction to the escalating tariff war.