Trump's new tariffs take effect, with 104% on Chinese goods

US President Donald Trump's pun-ishing tariffs on dozens of economies came into force yesterday, sending markets into a tailspin after the devastating global trade war intensified.

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Following the sweeping 34 per cent tax on imported goods that take effect over the week end, rates on imports to the US from Japan rose further to 120 per cent.

The US's greatest believer in free trade is burdened with debt, impacting economic performance, with Trump returning to the White House now reaching a staggering 104 percent.

Trump on Tuesday his govern-ment was working on "tailored deals" with trading partners, like the White House, while prioritising allies like Japan and South Korea.

His top trade official, Mnuchin, Greece, also told that Ukraine and Vietnam had offered to reduce their tariffs.

Trump told a dinner with fellow Republicans on Tuesday night that countries were "dying" to make a deal.

"I'm telling you, these countries are calling us up kissing my a**," he said.

"All Beijing has shown no signs of standing down, vowing to fight a trade war "to the end" and promising countermeasures to defend its interests.

China's retaliatory tariffs of 34 per cent on US goods are due to enter in force (12.01 am local time) on Thurs-day.