Stock markets in the U.S. and around the world have plunged as the Trump administration clarified Chinese imports will face a 145% tariff. Beijing is refusing to bow to pressure from Washington to negotiate a trade deal, instead responding with their own tough levies.
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00:00American toy shop owner Joe Novak is bracing for an uncertain future, as the
00:07Trump administration clarified that tariffs against Chinese goods are higher
00:11than initially understood. Beijing will pay a 125% tariff on top of the 20%
00:17imposed last year, subjecting imports to the US to a total levy of 145% and
00:24American consumers are ultimately expected to pay the price. So as you can
00:29tell by tariffs affecting China predominantly right now, as well as some
00:32Southeast Asia, a tariff of 20, 40, 50, they keep going up 80, 100%, it can
00:40definitely affect the cost of the toys. After announcing sweeping global tariffs
00:46last week, US President Donald Trump has paused the policy for 90 days for all
00:51countries except China. That's after China retaliated, applying levies of 84% to
00:57goods imported from the US. But President Trump says he still wants to make a deal
01:01with Beijing. I have great respect for President Xi. He's been, in a true sense,
01:06he's been a friend of mine for a long period of time. And I think that we'll end up
01:11working out something that's very good for both countries. I look forward to it.
01:15China claims they are open to dialogue, but only if it's based on mutual respect.
01:20As the trade war between the world's two biggest economies continues to escalate,
01:26the impacts are being felt on the stock market. After rallying in their previous
01:33session, much of Wall Street's gains were wiped out overnight. The exchanges in Asia
01:38and Australia have also plunged. Financial experts say if the tariff policy remains,
01:44so will the uncertainty. There is one bit of signal this market is sending to the president and really
01:51to one man, the president himself. We do not like this tariff strategy. Every bit of news can be
01:57linked back to a tweet or a direct policy item that came out, which was tariff related.
02:02Trump has conceded there will be initial difficulties, but remains adamant Americans must stay focused on
02:08his end goal, boosting manufacturing in the U.S. and in turn, creating more jobs. The U.S.
02:16president claims more than 70 countries are looking to negotiate a deal, now
02:21including the European Union, which has halted planned retaliatory measures.
02:25We want to negotiate. We want to talk. We appreciate that you have brought this pause on
02:32so-called reciprocal tariffs, and we in turn are now pausing our proposed countermeasures.
02:41Trump's aides say negotiations are going well, with over a dozen deals already being offered to
02:46the United States trade representative. USTR has informed us that there are maybe 15 countries now
02:53that have made explicit offers that we're studying and considering and, you know, deciding whether they're
02:58good enough to present to the president. Despite being one of the U.S.'s main trading partners,
03:04China is not among the countries lining up to negotiate, saying they refuse to bow to pressure,
03:09blackmail and threats, leaving the trade war between these two economic powers escalating
03:14and likely to impact global growth. Dolphine Chen and Rosie Greninger for Taiwan Plus.