China’s Ministry of Commerce urged the U.S. to cancel its newly imposed tariffs, according to CNBC. A spokesperson called the tariffs "unilateral bullying" and violating international trade rules. President Trump's tariff hikes target China with a 34% rate and are set to raise U.S. tariff levels to their highest in a century. The new tariff will raise the total rate on U.S. imports from China to 54%, bringing it closer to Trump's campaign promise of a 60% tariff, effective April 9. Beijing is expected to retaliate with targeted actions in addition to raising tariffs. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02China's Ministry of Commerce urged the U.S. to cancel its newly imposed tariffs according to CNBC.
00:07A spokesperson called the tariffs unilaterally bullying and a violation of international trade
00:12rules. President Trump's tariff hikes target China with a 34% rate and are set to raise U.S.
00:18tariff levels to the highest in a century. The new tariffs will raise to the total rate of the U.S.
00:23imports from China to 54% bringing it closer to Trump's campaign promise of a 60% tariff
00:29effective April 9th. Beijing is expected to retaliate with the targeted actions in
00:34addition to raising tariffs. For more coverage on tariffs and how they impact your portfolio
00:38visit Benzinga.com. For all things money visit Benzinga.com slash gstv