White House defiant on tariffs after raising steel duties

Stocks fell as US-China trade tensions ratcheted up and the Trump administration said recent court rulings would not stop it from imposing sweeping tariffs.

Beijing today accused Washington of undermining a pause in economic hostilities agreed last month, days after the US made similar claims against China.

The US commerce secretary, meanwhile, told Fox News that “tariffs aren’t going away,” as several top officials insisted that court battles over trade policy would not deter the White House.

Indeed, Trump himself said Friday he would double existing duties on steel imports, while JP Morgan economists project that the effective US tariff rate is more likely to rise than fall.