An executive order the president signed Wednesday will eliminate the “de minimis provision” for goods from China and Hong Kong on May 2. The tax exemption, which applies to packages valued at $800 or less, has helped China-founded e-commerce companies like Shein and Temu to thrive while cutting into the U.S. retail market.

The lawsuit, filed in federal court in Florida, alleges that Trump lacked the legal authority to impose the sweeping April 2 tariffs as well as duties authorized on February 1 under the International Emergency Economic Powers Act.

The trade conflict between the world’s two largest economies reached new terrain as Beijing showed its anger with first across-the-board levies.

The US president says he will introduce the additional tariff unless China withdraws its own 34% counter-tariff on American goods.

President Donald Trump said Sunday that he won't back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S.

U.S. President Donald Trump said on Monday he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States.

U.S. President Donald Trump threatened to further increase tariffs on China on Monday, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets.

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.

Donald Trump has threatened additional 50 per cent tariffs on China if Beijing does not withdraw its retaliatory levies on Washington by Tuesday. “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow,