“I would do a tax. And the tax, let me tell you what the tax should be. The tax should be 45 percent.”
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Trump imposed sweeping tariffs on Chinese imports but never a settled 45 percent rate. In term one, Section 301 duties announced June 15, 2018 topped out at an additional 25 percent on roughly $250 billion of goods. In term two, IEEPA tariffs briefly pushed rates on Chinese goods well above 45 percent in April-May 2025, but the May 12, 2025 Geneva joint statement suspended most of the reciprocal rate and a November 2025 deal cut the fentanyl-related tariff by 10 points, leaving an added IEEPA rate of about 20 percent (with Section 301 duties stacking higher on some goods) as of mid-2026. Tariffs at or above the promised 45 percent level applied only briefly, not durably across Chinese imports.
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