US stocks tumbled on Thursday as the White House clarified that the tariff rate on Chinese imports has risen to 145 per cent, up from the 125 per cent figure that was communicated on Wednesday, and US President Donald Trump characterised the volatility as “transition difficulty”.
The higher figure includes the 125 per cent rate that covers the so-called “reciprocal” duties announced by Trump as well as a 20 per cent rate imposed earlier this year over China’s involvement in fentanyl trafficking.
