Trump Threatens 104% Tariffs on China Amid Trade Tensions

President Donald Trump has threatened to escalate tariffs on China, potentially imposing a 104% tax rate on imports. White House press secretary Karoline Leavitt stated that these tariffs would take effect after midnight, responding to China's retaliation. Leavitt quoted Trump as believing China "wants to make a deal" but lacks the means to initiate it. Trade negotiator Jamieson Greer confirmed that Trump intends to have no exemptions or exclusions in the tariffs. The U.S. trade representative noted that approximately 50 countries have expressed interest in negotiating trade agreements. The impact of Trump's tariffs on U.S. trading partners has affected the stock market, with the S&P 500 experiencing volatility. Economists and investors are concerned about the long-term effects of these tariffs on the U.S. economy and potential recession risks.