Effective total on Chinese goods will hit 117% after today

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The U.S. tariff rate on Chinese imports will surge to a record 104% at 12:01 a.m. ET on Wednesday, a White House official confirmed to CNBC. The announcement follows President Donald Trump’s Monday warning that he would raise existing tariffs on China by 50% unless Beijing dropped its newly imposed 34% retaliatory duties on U.S. goods by Tuesday. Trump emphasized that China had until “12 o’clock” to comply.However, Beijing firmly rejected the ultimatum, vowing not to withdraw its 34% tariffs. With China refusing to back down, the White House has now moved forward with the promised tariff hike, further escalating trade tensions between the two countries.Meanwhile, skepticism over the administration’s tariff strategy is mounting on Capitol Hill. During a Senate Finance Committee hearing on Tuesday, Republican Senator Thom Tillis confronted U.S. Trade Representative Jamieson Greer with concerns about the political and economic risks of the approach. Holding up a copy of the Foreign Trade Barriers report, Greer fielded pointed questions from lawmakers.“I’m skeptical,” Tillis told Greer. “Whose throat do I get to choke if this proves to be wrong?”Tillis, a North Carolina Republican, expressed concern about how voters might react if the tariffs fail to produce the promised benefits. “I wish you well, but I am skeptical,” he added.The intensifying dispute, combined with growing political pushback, adds further uncertainty to the future of U.S. trade policy under President Trump.