Trump’s declaration of “Liberation Day” on April 2 a universal 10% tariff on all imports, with specific levies on countries like China reaching up to 145%. China retaliated with tariffs of up to 125% on U.S. goods, triggering a tit-for-tat escalation that disrupted global markets and strained diplomatic relations.​

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

Research from the Peterson Institute for International Economics s the latest to show that the White House’s estimates of the revenue impact of tariffs are likely overblown.