Under Trump's plan, the tariff on Chinese imports was originally set at 34%. Added to an existing 20% tariff on China, that brought the total rate to 54%. After Chinese officials announced retaliatory measures, the White House said the U.S. would raise the overall rate on Chinese imports by another 50% -- bringing it to a total of 104%.

Earlier this week, Trump's "reciprocal" tariffs went into effect for several hours before he paused most of them for 90 days—with the notable exception of China. The United States and China remain in a tit-for-tat trade war,