Listeners, today's China Tariff News and Tracker comes at a dramatic point in the ongoing U.S.-China trade saga. September 2025 has seen tariffs elevated to levels not witnessed since the Great Depression, and the impact is echoing through both economies and global markets.

According to Wikipedia and recent coverage, the Trump administration, now in its second term, used executive powers to ramp up tariffs on Chinese imports citing ongoing concerns about fentanyl, intellectual property, and trade imbalances. In early 2025, President Trump imposed a new 10% tariff on Chinese imports, which was quickly escalated to 20%. China retaliated, but with more measured responses: a 15% tariff on coal and gas, 10% on oil and agricultural machinery, and export restrictions targeting critical metals.

But the tit-for-tat didn’t stop there. By April, the United States launched a 34% "reciprocal tariff" atop the existing rates, directly responding to what the administration claimed were China’s hidden tariff barriers. China countered with a parallel 34% tariff on American goods and suspended negotiations over major tech issues like the sale of TikTok. Then, both countries triggered another round of back-and-forth increases. By mid-April, the U.S. tariff on Chinese imports soared to a staggering 145%, and China’s baseline tariff on American products was at 125%. Chinese officials declared that future U.S. tariff hikes would be ignored, calling the situation “a joke in the history of world economy,” as reported in Politico and Wikipedia. These moves dramatically reduced hopes for a quick diplomatic resolution.

There was a slight reprieve in May, when both countries agreed to ease tensions: U.S. tariffs on Chinese goods fell back down to 30%, and China reciprocated by lowering tariffs on American products to 10%. The agreement, however, was pitched as a 90-day assessment period with little certainty about long-term peace.

Meanwhile, the toll on the U.S. economy is staggering. Cryptopolitan reports that tariff revenue has hit record highs, with August 2025 seeing $31 billion brought in—more than any previous month in history. Yet, this tariff windfall covered less than one-tenth of the government’s $345 billion budget deficit for the month. Annual U.S. tariff revenue is at $350 billion, 355% higher than last year, now making up nearly one-fifth of all household income tax receipts—something not seen since 1935. Despite all this, federal spending continues to soar, and the U.S. deficit is on track to break $2 trillion for the year.

With all eyes on what happens after this 90-day tariff reduction period, President Trump is doubling down on tariffs as a tool for both leverage and revenue, but the numbers suggest even record tariff collections can’t fill the nation’s fiscal gap. Analysts believe the standoff will continue as long as strategic competition and political pressure dominate decision-making in both Washington and Beijing.

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