The ongoing trade war between the United States and China has reached new heights.
In a sharp response to China’s recent tariff increase, former U.S. Treasury Secretary Scott Bessent voiced strong criticism, calling it a “loser” for China.
The new round of tariffs promises to shake up the global trade scene and could have lasting effects on both economies.
China Increases Tariffs to 84 Percent on U.S. Goods
Starting Thursday, China will impose a whopping 84 percent tariff on U.S. goods, a significant hike from the previously announced 34 percent.
This move comes on the heels of President Donald Trump’s decision to slap 104 percent tariffs on Chinese goods, further escalating tensions between the two global powers.
In a statement on Wednesday, China’s finance ministry made it clear that the new tariffs were a direct response to the U.S. actions.
The ministry also expressed its disapproval to the World Trade Organization, saying that the U.S.’s decision could destabilize global trade even further.
China stressed that while it opposes trade wars, it will fiercely defend its interests against what it sees as reckless U.S. actions.
China’s Growing Frustration and Firm Stance
This latest move marks a serious turn in the trade dispute, with China now taking a hard stance against what it views as an escalating and dangerous situation.
In its communication with the WTO, China highlighted its concern about the broader impact this could have on global economic stability.
Despite its desire to avoid a full-blown trade war, Beijing made it clear that it wouldn’t back down.
IRS Boss Expected to Resign Over Controversial Trump Order
In another significant development, reports have surfaced that the acting head of the IRS is set to resign.
The resignation comes in the wake of an order by the Trump administration that mandates the sharing of private tax data of millions of Americans with the Department of Homeland Security.
This controversial move has sparked concerns over privacy and the scope of government surveillance.
Elon Musk’s DOGE Faces Criticism for $51 Million Spending Cut
Meanwhile, in the world of finance and tech, Elon Musk’s cryptocurrency DOGE has faced some eyebrow-raising scrutiny.
Recent reports revealed that DOGE had canceled at least $51 million in grants, which were previously earmarked for initiatives like shea butter marketing, mango drying, and yogurt production.
The cost-cutting measure has left many puzzled, especially given the nature of some of these canceled projects.
The U.S. African Development Foundation also made headlines with its announcement that $51 million in grants would be terminated.
The organization’s decision has sparked debate, with many questioning the priorities of these large-scale funding cuts.
This evolving situation, from trade wars to high-level resignations and corporate moves, highlights the interconnected nature of global politics and economics.
How these tensions unfold could have significant consequences on both the U.S. and China—and the rest of the world.
