US to impose 34% tariff on China

The document at Trump's tariff announcement puts China's tariff rate at 34%.

That's a sliver of good news in an otherwise negative announcement on tariffs as there was talk it would be 50%. Now what's not clear is whether this new tariff is on top of tariffs like fentanyl (25%) that are already in place. That will be a critical detail.

Because if this is 34% in addition to what's already there, it rises to above 60%. Also notable is that this number is below Vietnam, which is at 46%.

Another notable thing is that:

• baseline 10% tariffs take effect April 5
• higher reciprocal rates will take effect April 9
• the higher rates apply to about 60 countries