The number, published in a White House memo, comes in addition to a 20% levy put into place earlier this year over China’s role in fentanyl trafficking.

Donald Trump’s decision to slap tariffs on global trade has sent the world reeling. Stock markets have tanked. Gloomy economists have hit the airwaves. Governments, their backs against the wall, have responded with either stoic resignation or threats of revenge.

China hiked its levies on imports of U.S. goods to 125% on Friday, hitting back at Donald Trump's decision to single out the world's No.2 economy for higher duties, while dismissing the U.S. president's tariff strategy as "a joke.

The market's wild recovery on Wednesday afternoon was driven by President Donald Trump temporarily pausing tariff increases on countries all around the world, except China. A 10%

Wild swings in global markets are poised to keep U.S. stock investors on edge in the coming week, as a weakening dollar and a selloff in Treasuries compound extreme equity volatility that erupted after President Donald Trump launched his sweeping tariffs.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.