Brace for economic pain. Donald Trump has just slapped China with 104% tariffs on all imports. That means literally everything, from tools and equipment to products used to make “American-made” items. Prices are about to go up, and this will impact those who are middle class or lower on the economic totem pole.

Most American consumers simply do not have the financial wiggle room to handle these price increases right now, but the rulers don’t seem to care. The United States has hiked tariffs on all Chinese imports to a staggering 104%. This is going to escalate the ongoing trade conflict and wiped out another $1.5 trillion from U.S. stock markets on Tuesday.

Trump has decided that the American consumer needs to be punished for what he sees as “abuses” committed by the Chinese ruling class.

“After all of the abuses they’ve perpetrated, China is attempting to impose additional unjustified tariffs,” Trump said at a National Republican Congressional Committee dinner in Washington on Tuesday. The U.S. ruler went on to say that Beijing will have to “make a deal at some point,” claiming that “they just don’t know how to get it sorted because they’re proud people.” Until then, he added, China “will now pay a big number to our Treasury.”

Tariffs Bring Pain Without Gain

China was originally set to face a 34% tariff increase on Wednesday as part of President Donald Trump’s “reciprocal” measures targeting virtually all US trade partners, according to a report by RT.  However, after Beijing responded with a proportional 34% duty of its own, the US president raised the blanket tariff to a total of 104%.

“That’s why additional tariffs on Chinese goods are in place, effective midnight tonight at 104 percent. Until they make a deal with us, that’s what it’s going to be,” Trump said.

Trump’s Sweeping Tariffs Set To Hit Consumers Hard — From iPhones to Automobiles

“Right now, China is paying a 104 percent tariff, think of it… Now, it sounds ridiculous, but they charged us for many items 100 percent, 125 percent,” Trump said. “They’ve ripped us off left and right. But now it’s our turn to do the ripping.”

Unfortunately, those who are economically illiterate actually believe that these tariffs will somehow be a punishment to China. Trump did acknowledg that the fallout from his move was “somewhat explosive,” but defended his strategy, claiming that “sometimes you have to mix it up a little bit.”

That’s little comfort to those who will suffer the most under this horrific economic destruction.