On April 13, 2025, President Donald Trump ratcheted up trade pressure on Beijing by reaffirming his intention to maintain high tariffs on Chinese goods. Trump is “open to a deal with China,” according to the White House press secretary, but the situation remains extremely tense.

This is an escalation of the old tariff policy that began back in 2018, and the current phase, with a “double whammy” of new and old duties, has already shaken global markets.

What has changed?

The new 145% tariff is made up of an existing 20% tariff imposed for China's involvement in fentanyl shipments and an additional 125% tariff announced after Beijing retaliated, AP News reported .

Also, a number of publications, including CNBC and Bloomberg reviews, are discussing a possible tightening of the de minimis rule — the threshold amount for duty-free import of goods into the US. Some materials indicate that the tightening may particularly affect such quick-sale platforms as Temu and Shein. Although there is no official decision yet to cancel or change this threshold, analysts believe that it may be the next step in the escalation.

China: A Kung Fu Response

Beijing raised tariffs for the third time, this time to 125% on American goods, El País reported , accompanied by a statement calling Trump's actions "a joke."

As Investopedia notes , China is discussing measures including export controls on rare earth metals.

Global Effect: From Walmart to the Stock Market

As The Guardian notes , under pressure from IT giants, the US administration made an exception for electronics: iPhones, laptops and servers avoided 145% duties.

Stock markets are reacting nervously: the Dow Jones fell by 0.9%, the S&P 500 by 0.2%, Investopedia reports .

Who will win?

At this stage, no one. The American consumer is paying more. China is looking for new markets. Europe and developing countries are nervous. But the main thing is that both economies are no longer playing to win, but to avoid losing.

According to Reuters, neither side is making any moves to negotiate. This is not a tactic - it is the new reality of global trade.

Analysts' opinions

Peterson Institute analyst Michael Hurst told CNBC that "a sharp increase in U.S. tariffs, in the absence of diplomatic channels, threatens not just supply chains, but the stability of the dollar in global trade."

Georgetown University China expert Lin Zhang told Bloomberg that "this is the first time in 20 years that Beijing has used such derogatory rhetoric - and it's a sign of the intense domestic pressure on Xi Jinping."

As economist Steve Epstein points out in a BBC review, "the world is now looking not at tariffs but at willpower: who will blink first."