Trump administration levies up to 245% tariff on China

President Donald Trump’s administration has increased tariffs on Chinese imports to the U.S. by as much as 245%, according to a White House report released on April 15. Trump issued an executive order to investigate the national security risks associated with the U.S.’s dependence on imported critical minerals and their derivatives. China recently stopped exporting various rare earth metals and minerals crucial for industries like automotive, aerospace, and defense, as they produce around 90% of the world’s supply. In response to China’s actions, the U.S. raised tariffs on Chinese imports, imposing up to a 245% tariff on goods from China. This move is part of Trump’s broader tariff strategy, which initially targeted 180 countries before being paused for all but China. Currently, Chinese tariffs on U.S. imports are at 125%, while U.S. tariffs on Chinese imports are at 245%. The cryptocurrency market saw a 4.3% decrease in total market cap over the last 24 hours, with Bitcoin’s price dropping by 3% to $83,265.53 on April 16.