WASHINGTON — The deadline for U.S. President Donald Trump’s worldwide “reciprocal” tariffs against dozens of countries passed on Wednesday, including a 104% rate on Chinese imports that towers above the rest, as officials in Beijing stood their ground against what they described as “blackmail.”
Nearly 80 days into his second administration, Trump is upending the economic order that has persisted since the end of World War II. His stated goal of simultaneously reshoring critical industries, eliminating trade deficits, and raking in tariff revenue has confused observers and tanked global stock markets.
