Goods imported from China now face a total tariff rate of 54%, the Treasury Department said Wednesday.
Bessent confirmed on Bloomberg television that all goods imported from China face a new 34% rate based on White House calculations of what is currently levied on US exports, plus the existing 20% rate Trump had already levied in the first week of his administration.
Bescent added that there may be room for discussion with Trump about the speed, but he will be on putt for now.
“I’m leaving it to President Trump to see what he wants to do. I think the way to think is to calm things down for a while,” Bescent said.
The US imports $500 billion worth of goods from China each year, making it the third largest foreign source. Big Box retailers rely heavily on China for low-cost procurement, with stocks falling in after-hours trading on Wednesday.
Target fell by 5.5%, while Walmart was 4.7% off.
Chinese authorities had not yet responded to Trump’s remarks late Wednesday. A spokesman for the country’s US Embassy did not immediately respond to requests for comment.
Markets and trade partners have responded harshly to Trump’s tariff plans, which are trying to disrupt long-standing global trading arrangements. The Australian Prime Minister, who has extensive trade with China, said the new obligations that will take effect next week will harm not only long-time partners but also American families.
“There is no logic behind the administration’s tariffs and it goes against the basis of our partnership between the two countries. This is not an act of friends,” Prime Minister Anthony Albanese said at a press conference in Melbourne on Thursday morning. “Today’s decision will increase the uncertainty of the global economy and drive the costs of American households.”