The United States is set to impose a record-breaking 104% tariffs on Chinese goods on Wednesday, according to an official. This development comes amid ongoing trade tensions between the two countries.
In related news, US stocks ended lower after a morning rally, while oil prices plummeted. President Donald Trump expressed optimism about potential talks with South Korea, saying prospects for a deal “look good.”
The impact of these tariffs is being felt globally, with the offshore yuan hitting its weakest point on record due to US-China trade tensions.
Brazil’s finance minister, Fernando Haddad, spoke at an event in Sao Paulo, sharing his views on the US tariff policy. He stated that it will have a significant effect on the global economy, but warned that it’s hard to measure its impact. Haddad also emphasized the need for Brazil to be diplomatic about US tariffs and suggested waiting before acting on them. Finally, he noted that Brazil is likely to be less affected by US tariffs than other countries.
Source: https://www.bloomberg.com/news/live-blog/2025-04-08/trump-tariffs-grip-world-as-markets-react-to-levies