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This round of tariffs will crack down on a range of consumer goods, from mobile phones, laptops to toys and footwear, and will exacerbate trade tensions between the two countries. Target-to-Tariff actions over the past year have disrupted global supply chains and triggered shocks in financial markets.
Trump later told reporters that he might raise tariffs even more than 25%, depending on the progress of trade negotiations with Chinese President Xi Jinping.
"I think Chairman Xi... he wants to reach an agreement, but frankly, he's not fast enough," Trump said.
The news has hit U.S. financial markets hard. Moody's predicts that new tariffs will put pressure on the global economy at a time when economic growth in the United States, China and the eurozone has slowed.
Influenced by the news, the S& P 500 retail index fell 0.7% from a rise. In retail stocks, Target (TGT.N) fell 4.2%, Macy's (M.N) fell 6% and Nordstrom Inc (JWN.N) fell 6.2%.
Oil prices plunged by 7%, and U.S. crude oil futures fell by the largest one-day decline in more than four years. Retail associations predict that consumer prices will rise.
On Thursday afternoon, the S&P 500 index, which had been firmly above the flat plate, plunged 0.9% after Trump's tariff tweet was published. U.S. benchmark bond yields also fell.
Experts say a new round of tariffs imposed on Chinese imports may also force the Federal Reserve to cut interest rates again to protect the U.S. economy from trade policy risks.


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