Goods imported from China will now face a combined total tariff rate of 54%, Treasury Secretary Scott Bessent said Wednesday.
Bessent confirmed on Bloomberg Television that all goods imported from China would face a new 34% rate based on White House calculations of what it currently imposes on U.S. exports, plus the existing 20% rate Trump had already imposed against it in the initial weeks of his administration.
Bessent added that while there may be room for discussions with Trump about that rate, he would most likely stand pat for now.
“It’s going to be up to President Trump to see what he wants to do. I think the mindset might be to let things settle for a while,” Bessent said, adding: “I am sure there are going to be a lot of calls. I just don’t know if there’s going to be negotiations.”
The United States imports nearly $500 billion worth of goods from China every year, making it the third-largest source of foreign goods.
Big-box retailers rely heavily on China for low-cost sourcing — and their stocks fell in after-hours trading Wednesday.