Trump’s tariff whack-a-mole wipes €10 billion from Finnish pensions

The United States and China have entered the most severe phase of their tariff war, with both countries imposing unprecedented duties on each other’s goods. On 9 April 2025, President Donald Trump raised tariffs on Chinese imports to 125%. China responded with tariffs of 84% on American goods. Trump said the measures were in response to China’s “lack of respect” for international trade.

The escalation follows weeks of increasing economic friction.