13%-18% what happened to the 145% Trump folded on in April after the DOW collapsed?
In April 2025, the Trump administration implemented a 145% cumulative tariff on various goods imported from China, composed of a 125% rate on top of existing 20% tariffs related to fentanyl,
The New York Times and
Forbes. These high tariffs, aimed at increasing manufacturing, were part of an escalated trade war that caused significant market uncertainty, although later, in May 2025, there were reports of potential reductions. Tariffs on China were dramatically reduced calming market fears of a market collapse.