China’s Ministry of Commerce urged the U.S. to cancel its newly imposed tariffs, according to CNBC. A spokesperson called the tariffs "unilateral bullying" and violating international trade rules. President Trump's tariff hikes target China with a 34% rate and are set to raise U.S. tariff levels to their highest in a century. The new tariff will raise the total rate on U.S. imports from China to 54%, bringing it closer to Trump's campaign promise of a 60% tariff, effective April 9. Beijing is expected to retaliate with targeted actions in addition to raising tariffs. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
