Published by Abdul Jabbar | Bouncer News
Feb. 4, 1:00 a.m. ESTPresident Donald Trump’s sweeping 10% tariffs on imports from China came into effect at midnight Tuesday, prompting retaliatory levies by Beijing. The Chinese government announced that starting February 10, additional tariffs of 15% would be imposed on U.S. coal and natural gas, while crude oil, agricultural machinery, large cars, and pickup trucks would face an extra 10% tariff.
According to reports, Chinese Ministry of Finance has published a notice against U.S.’s unilateral action declaring that this violated the WTO norms and damaged China-U.S. economic cooperation.
Feb. 3, 1:57 p.m. ESTTrump said tariffs against Canada would be held in abeyance for 30 days after the two countries agreed to strengthen border security. Canadian Prime Minister Pierre Poilievre confirmed the pause and announced the creation of a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl trafficking, and money laundering.
Feb. 3, 3:00 p.m. ESTChina’s UN ambassador, Fu Cong, announced that China would file a lawsuit with the WTO against the U.S. tariffs, claiming that the move violates WTO policies and could lead to further countermeasures from Beijing.
Feb. 3, 10:41 a.m. ESTTrump said in a post on Truth Social that he had “a very friendly conversation” with Mexican President Claudia Sheinbaum, who agreed to deploy 10,000 soldiers to the border. US tariffs on Mexican imports will now be paused for one month.
February 3, 10 a.m. EST The US stocks fell as the markets faced President Donald Trump’s tariffs with major losses in alcoholic beverage companies, cryptocurrency firms, automakers and tech giants Apple and Nvidia among others.
Feb. 3, 6:30 a.m. ESTThe dollar index skyrocketed to a two-year high and the cryptocurrency market has taken a huge blow. Bitcoin lost 3.6% to $95,509 whereas Ether fell sharply by 15% to $2,610. Trump’s meme cryptocurrency, $TRUMP, plummeted 13.5% in the last 24 hours.
Feb. 2, 1 p.m. ESTThe Canadian government released a list of U.S. imports targeted for 25% retaliatory tariffs, affecting $30 billion worth of goods, including food, plastics, lumber, and appliances.
Feb. 2, 10:30 a.m. ESTHomeland Security Secretary Kristi Noem defended the tariffs, saying that any price increases resulting from them would be caused by other countries, not by Trump’s policies.
Feb. 1Canada and Mexico retaliated with tariffs of their own, while China vowed to challenge the U.S. tariffs at the WTO. Trump was unapologetic, arguing that American companies should produce domestically to avoid paying the tariffs.
Economic Impact and Business ReactionEconomists, meanwhile, forecast that tariffs set by Trump will push average annual taxes for U.S. household up by $830; reduce U.S. economic output by 0.4 percent; and increase overall U.S. taxes by $1.2 trillion over the next decade. Business leaders-the U.S. Chamber of Commerce says so-critically note that these tariffs will result in higher prices and supply chain disruptions.
Global Reactions
Chinese state media condemned the move, threatening with a global trade war. Canadian media urged national unity in light of their economic impact; in certain provinces, importing U.S. liquor has been banned as a retaliatory response to those tariffs.
Markets and Governments Gird for Even Greater Long-term Implications from the sweeping tariffs laid down.