FX.co ★ Offshore Yuan Falls on Trump's Aggressive Tariffs

The offshore yuan edged closer to 7.32 per dollar on Thursday, reaching its lowest point in a month during the earlier trading session. This depreciation came in response to U.S. President Donald Trump's unveiling of an intensified and broader tariff strategy. President Trump implemented an additional 34% tariff on Chinese goods, elevating the total tariffs on Chinese products to 54%. This move marks the most substantial tariff hike on almost all Chinese exports, which could severely impact China's trade with the U.S. Other major global economies are also contending with notable tariffs: the European Union faces a 20% levy, Japan 24%, and India 26%, plus a 10% baseline tariff on imports from all nations. These new tariffs, scheduled to commence on April 5 for the base rates and April 9 for the increased reciprocal rates, have further stoked concerns about a potential escalation in the global trade war.