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President Trump announced a staggering 104% tariff on all Chinese imports, exceeding the previously announced 34% increase. This follows China's refusal to back down from retaliatory tariffs. The White House maintains Trump will not compromise, despite market dips and concerns about potential job losses in the US. Additional tariffs are also slated for numerous other countries, with Trump's administration indicating a willingness to negotiate 'tailor-made' deals but no immediate concessions.