The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world's second largest economy. Biden administration officials looked at removing Trump's tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly.

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.