Up First from NPR
China's Counter-Tariffs; CEOs Respond to Market Uncertainty; Trump's Deportations
Sat, 12 Apr 2025
China's 125 percent tariffs will hit U.S.-made goods today. We'll look at the view from China on President Trump's trade war. Plus, we'll hear from American business leaders dealing with this uncertain economy. And we'll hear the latest on the deportation cases of foreign nationals who were in the U.S. legally.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy
Chapter 1: What are China's counter-tariffs against U.S. goods?
China's response to President Trump's massive tax on their exports, a tariff of 125% on U.S. goods.
China's countermeasures go into effect today. I'm Scott Simon.
I'm Ayesha Roscoe, and this is Up First from NPR News.
A raging terror war between the U.S. and a key trading partner, China, is escalating.
We'll give you the view from China.
Also, if you're feeling a little anxious about the economy, you've got something in common with some of America's most powerful CEOs. We'll tell you what's making them nervous.
Plus, a look at the Trump administration's efforts to deport foreign nationals who are in the U.S. legally.
So please stay with us. We have the news you need to start your weekend.
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Chapter 2: How did the U.S.-China trade war escalate to triple-digit tariffs?
The world's two largest economies are in a pitched trade battle.
The U.S. and China have ratcheted up their tariffs on each other's exports into dizzying triple digits.
NPR's John Rewitz joins us from Beijing. John, thanks for being with us. Happy to be here. How did things get to this point?
Well, it started with those reciprocal tariffs on Liberation Day. Trump imposed tariffs on countries from around the world, of course, and China was hit with a 34% levy. Beijing was less than pleased about it. So two days later, China matched that with a tit-for-tat 34% tariff on U.S. imports. Trump didn't like that. He added 50% on top of it. China responded with 50%. Trump added more.
China responded. So by the end of the week, the base tariff on Chinese imports into the United States was 145 percent. And U.S. products entering China now get hit with a 125 percent tariff. It was a dizzying upward spiral. And these are crippling numbers.
And a lot of people are certainly wondering any end in sight.
Yeah, there's no end in sight to the acrimony at the moment. But Beijing did something kind of interesting on Friday when they increased tariffs that last time to 125 percent. They said they were done playing the tit for tat game. So with tariffs at that rate, they said U.S. products are no longer competitive in China.
And if Trump continues to raise tariffs on Chinese goods, it would be a, quote, joke. And China just wouldn't match them. Now, China is not going to roll over. Officials in Beijing said they will continue to protect their rights and interests. So perhaps it's a dual signal, you know, restraint on one hand on the tariffs, but also kind of a don't mess with us signal.
Experts do say there does come a point, you know, when raising tariffs further just doesn't do anything. And these tariffs are already sky high. Victor Gao is with the Beijing based think tank, the Center for China and Globalization.
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Chapter 3: What is the current outlook for U.S.-China trade relations?
We don't. It's hard to imagine the world's top two economies not doing trade with each other. Trump says he's willing to talk and that China wants to do a deal but hasn't called him. China says it's open to talks, but they have to be conducted on the basis of mutual respect. And so it's unclear where things go from here. It doesn't seem like conditions are right for talks or a breakthrough.
Maybe it'll take some economic pain from these tariffs before either side decides they want to get together and have these conversations.
And here's John Roach in Beijing. Thanks so much, John. You're welcome, Scott.
President Trump's sky-high tariffs on Chinese imports are making many Americans nervous.
Might have noticed some people stocking up on things, fearing price hikes are just around the corner.
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Chapter 4: How are Chinese exporters reacting to the tariffs?
Or maybe like the CEOs of top American companies, you've been watching the convulsing stock market, wondering when things will settle.
NPR business correspondent Maria Aspin joins us now. Maria, thanks for being with us.
Good morning.
Please catch us up.
Well, it was, as you noted, a pretty turbulent week as everyone tried to figure out what's going to happen with President Trump's tariffs. By Wednesday, the stock and bond markets were freaking out, to use the technical term. And then Trump abruptly backed down on some of his steepest tariffs, announcing a 90-day pause. But he did continue escalating a trade war with China.
And even with the pause on some tariffs, investors and businesses soon realized that they still have to face new taxes of 10% on almost everything they import. So as all of this was happening, CEOs of the country's biggest companies had to go out and talk about all of it in public on their previously scheduled earnings calls with analysts.
Here's one example of how that went from Wells Fargo CEO Charlie Scharf yesterday.
It is a volatile time. It is a time of unknowns. Again, we're trying to be as clear as we can about what we think today.
So to quote the late Defense Secretary Donald Rumsfeld, businesses are facing a lot of unknown unknowns.
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Chapter 5: What are American CEOs saying about market uncertainty?
As is everyone right now. How does this ripple through the business world?
Chapter 6: How has the stock market responded to President Trump's tariffs?
Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.
In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.
Chapter 7: What specific concerns do top CEOs have during the trade war?
Chapter 8: What is the impact of Trump's deportation policies on foreign nationals?
Plus, a look at the Trump administration's efforts to deport foreign nationals who are in the U.S. legally.
So please stay with us. We have the news you need to start your weekend.
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The world's two largest economies are in a pitched trade battle.
The U.S. and China have ratcheted up their tariffs on each other's exports into dizzying triple digits.
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