On April 2, US President Donald Trump announced a new round of global base tariffs, raising rates on dozens of countries. At the time of the announcement, the actual tariff rate for China stood at 34%. In response, the Chinese Communist Party (CCP) announced on April 4 that it would impose a matching 34% tariff on all goods imported from the US. Trump then warned that he may raise tariffs on China by another 50%. The CCP responded by saying it’s ready to fight to the end. While the Chinese government is showing a tough stance, many businesses in China are already feeling the pain.
On April 7, a Tiktoker filmed a clothing factory that had shut down and said the textile industry is in serious trouble. All the machines in his own factory are about to stop. He said this year is going to be incredibly tough.
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