Trump Administration Considers Tariff Plans on Chinese Goods, Markets React

In a late-night development, the Trump administration is reportedly considering multiple tariff plans on Chinese goods. The first plan involves reducing the tariff rate on Chinese imports to approximately 50% to 65%. The second plan, referred to as the "tiered plan," would categorize imported Chinese goods into two groups: those that do not pose a threat to U.S. national security and those that are strategically significant to U.S. interests. Under this tiered plan, the U.S. would impose a 35% tariff on the first category and at least a 100% tariff on the second.

White House Press Secretary Sarah Sanders stated that Trump's stance on tariffs against China has not softened. Earlier on April 24, the spokesperson for the Ministry of Foreign Affairs, Guo Qiaokun, held a regular press conference. When asked about recent reports of negotiations between the U.S. and China, Guo responded that these reports are false. He stated that there have been no consultations or negotiations between the two countries regarding tariffs, and certainly no agreement has been reached. Guo emphasized that the trade war was initiated by the U.S. and that China's position remains consistent: they are prepared to fight to the end if necessary, but are open to dialogue and negotiation on equal terms.

Market reactions to these developments were mixed. Initially, U.S. stock indices showed varied performance, with the Dow Jones Industrial Average falling by 0.35%, the S&P 500 rising by 0.06%, and the Nasdaq Composite increasing by 0.28%. However, the indices quickly rebounded, with the Dow Jones turning positive by 0.05%, the S&P 500 rising by 0.64%, and the Nasdaq Composite gaining 1.12% by the time of reporting.