{"id":133288,"date":"2025-04-11T11:02:19","date_gmt":"2025-04-11T11:02:19","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/trump-tariffs-live-updates-china-raises-retaliatory-levies-on-u-s-goods-to-125-as-dollar-sinks-nbc-news\/"},"modified":"2025-04-11T11:02:19","modified_gmt":"2025-04-11T11:02:19","slug":"trump-tariffs-live-updates-china-raises-retaliatory-levies-on-u-s-goods-to-125-as-dollar-sinks-nbc-news","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/trump-tariffs-live-updates-china-raises-retaliatory-levies-on-u-s-goods-to-125-as-dollar-sinks-nbc-news\/","title":{"rendered":"Trump tariffs live updates: China raises retaliatory levies on U.S. goods to 125% as dollar sinks – NBC News"},"content":{"rendered":"

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Roy Luo<\/span><\/span><\/span>
Reporting from Hong Kong
China says it will reduce imports of American films in retaliation for the U.S. slapping tariffs on its goods. The move targets one of the United States\u2019 most influential export industries.
China, the world\u2019s second-biggest box office after the U.S., has long had an annual quota on the number of foreign films that can be screened in its theaters. Hollywood films have also fared less well with Chinese moviegoers in recent years amid rising U.S.-China tensions and a maturing Chinese film industry<\/a>.
\u201cThe U.S. government\u2019s erroneous imposition of tariffs on China is bound to further reduce domestic audiences\u2019 favorable perception of American films,\u201d the China Film Administration said in a statement yesterday.
The statement added that the number of American films imported would be \u201cmoderately reduced,\u201d but did not specify the extent of the cut.
The impact on the U.S. box office may be limited. China contributed only 5% to Hollywood\u2019s global box office revenue in 2024, according to Film Threat chief editor Alan Ng.
A total of 39 American films were released in Chinese theaters in 2024, accounting for about 15% of the country\u2019s total box office revenue. Local media cited industry analysts who estimate that only 10 to 20 U.S. movies will be imported into China this year.
Peter Guo<\/span><\/span><\/span>
Jennifer Jett<\/span><\/span><\/span>
Reporting from Hong Kong
China and the European Union must join forces in defending free trade and opposing \u201cunilateral bullying,\u201d Chinese President Xi Jinping said, referring to Trump\u2019s tariffs.
\u201cChina and the E.U. should fulfill their international responsibilities, jointly maintain the trend of economic globalization and the international trade environment, and jointly resist unilateral bullying,\u201d Xi told Spanish Prime Minister Pedro S\u00e1nchez in Beijing today, according to a Chinese government readout.
They were Xi\u2019s first public comments on the issue since Trump announced tariffs on a long list of U.S. trade partners last week, most of which he later paused for 90 days except for those on China. Xi did not explicitly mention Trump.
Sanchez said after his meeting with Xi that China and the U.S. should address their escalating trade tensions through dialogue. He also called for a more balanced trade relationship between China and the E.U., which are the world\u2019s second- and third-biggest economies after the U.S.
Jennifer Jett<\/span><\/span><\/span>
European Union\u00a0leaders are planning to travel to Beijing in late July for a summit with Chinese President\u00a0Xi Jinping, The South China Morning Post reported<\/a>, as Trump\u2019s tariffs push the two major markets closer together.
No date has been confirmed with the Chinese side, the Hong Kong-based newspaper reported, citing five people familiar with the arrangement.
China and the E.U., which are marking 50 years of diplomatic relations, held their last summit in Beijing in 2023. The next one is scheduled for July but was supposed to be held in Europe, suggesting that E.U. leaders are anxious to meet with Xi directly.
In addition to their shared opposition to Trump\u2019s tariffs, Europe is worried that it will be flooded with cheap Chinese exports if the tariffs divert them away from the U.S.
Ben Kamisar<\/span><\/span><\/span>
Alexandra Marquez<\/span><\/span><\/span>
Democrats are at a crossroads. And different potential party leaders are already scoping out different potential paths back to power in a few years.
After the party lost <\/strong>November\u2019s presidential election, its image has slipped to historic lows<\/a>, and <\/strong>it lacks significant power in Washington to push back against Trump\u2019s efforts to bend the federal government to his will \u2014 even as Democratic voters <\/strong>warm to the idea of an all-out fight against Trump.
It\u2019s against that backdrop that key Democratic leaders are making early, yet important, moves about how to position themselves <\/strong>as the party looks toward <\/strong>a wide-open 2028 presidential race. Some seek to resist Trump at all opportunities, others concede victories to Republicans on cultural issues, and still more <\/strong>hope to split the difference \u2014 working with Trump when necessary and criticizing him when they disagree.
Read the full story here.<\/em><\/strong><\/a>
Jennifer Jett<\/span><\/span><\/span>
The week looks set to end much as it began, with global markets convulsing as Trump\u2019s tariffs raise fears of recession.
Asia-Pacific markets were mixed, with U.S. ally Japan\u2019s Nikkei 225 losing the most at 2.96%. Hong Kong\u2019s\u00a0Hang Seng Index\u00a0and China\u2019s CSI 300 both ended the day higher before China\u2019s tariff increase announcement.
In Europe, major markets were all lower, led by Germany\u2019s\u00a0Dax which was down almost 1.7% in morning trading.
The dollar fell to its lowest in 10 years against the Swiss franc and its lowest in six months against the yen, Reuters reported, as the euro reached its highest level against the U.S. currency since February 2022 and gold hit another record high.
U.S. stock futures were all down between 0.6% and 0.7% as of 5 a.m. ET, after China announced it would raise its tariff on U.S. goods to 125%. The three major U.S. averages all closed lower yesterday, reversing some of their gains from a historic rally Wednesday after Trump announced a 90-day pause on higher targeted tariffs on all countries except China.
NBC News<\/span><\/span><\/span>
Jennifer Jett<\/span><\/span><\/span>
China is raising its tariff on U.S. imports to 125% from its previous rate of 84%, signaling that this is likely to be its last increase for the moment as tit-for-tat tariffs reach levels that make trade between the world\u2019s two biggest economies unfeasible.
\u201cGiven that, at the current tariff level, U.S. exports to China are no longer commercially viable, China will not respond to any further tariff hikes by the U.S. on Chinese goods,\u201d the government said in a statement today.
Trump said Wednesday that the combined tariff on Chinese goods would rise to 125%, after China refused to rescind retaliatory tariffs on U.S. goods that matched ones Trump earlier announced. The White House clarified yesterday that the total U.S. tariff on Chinese goods is now 145%, including 20% in additional tariffs that Trump imposed in February and March.
The 125% Chinese tariff on U.S. goods takes effect tomorrow.
Peter Nicholas<\/span><\/span><\/span>
Garrett Haake<\/span><\/span><\/span>
Carol E. Lee<\/span>Carol E. Lee is the Washington managing editor.<\/span><\/span><\/span>
Reporting from Washington
\u201cLiberation Day\u201d gave way to Capitulation Day on Thursday.
President\u00a0Donald Trump pulled back<\/a>\u00a0Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.
Trump\u2019s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he\u00a0<\/strong>suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who\u2019ve been sinking their savings into 401(k)s to rethink their retirement plans.
Read the full story here.<\/em><\/strong><\/a>
NBC News<\/span><\/span><\/span>
© 2025 NBCUniversal Media, LLC<\/p>\n

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