The White House confirmed to CNBC, the United States will impose a cumulative 104% tariff on goods imported from China after midnight tonight, and will also impose a series of tariffs on other countries. It's one of the most shocking figures in the global trade war President Trump launched last week.

The Trump administration says the tariffs are part of an effort to align the United States with its trading partners, bring manufacturing jobs back to the United States and replace the existing tax structure. But critics on Wall Street and elsewhere say that idea is wrong and that U.S. consumers and businesses alike will suffer amid uncertainty and rising costs.

Even compared with previously announced tariffs on goods from other U.S. trading partners, the tariffs will have a huge impact on many U.S. companies that produce or assemble at least some of their products in China, including Apple and Tesla. Many economists say the price increases are likely to be passed on to consumers.

Trump initially planned to impose 34% tariffs on goods from China, in addition to the tariffs he imposed earlier this year. Previously, China retaliated by imposing a 34% tariff on goods imported from the United States. According to CNBC, Trump threatened to increase tariffs by 50% unless China lifted the tariffs, but the Chinese government said it would stick to its tariff stance, which is why the 104% tax rate came about.