China levies an additional 84% tariff on US products
China has announced an increase in tariffs on American goods to a total of 84%, as stated by the Finance Ministry. This decision comes in response to US President Donald Trump's imposition of a staggering 104% tariff on all Chinese imports...
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China has announced an increase in tariffs on American goods to a total of 84%, as stated by the Finance Ministry. This decision comes in response to US President Donald Trump's imposition of a staggering 104% tariff on all Chinese imports earlier this week.
The new measures include an additional 50% tariff on American goods, set to take effect at noon on Thursday, which adds to an existing 34% tariff, as the ministry's statement detailed.
“The US’ practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously damages the rules-based multilateral trading system,” the document reads.
Alongside the tariff hikes, China’s Ministry of Commerce has filed a complaint with the World Trade Organization against the US and has added six American companies to its 'unreliable entity' list. Furthermore, an additional 12 US businesses are now subjected to export controls that prevent Chinese firms from supplying them with dual-use items.
In a statement released on Tuesday, the ministry affirmed that China is committed to fighting the trade war “to the end” and will “firmly defend its interests.”
In a separate announcement on Wednesday, the Tariff Commission of the State Council urged the “US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect.”
Back in March, Trump had imposed a 20% tariff on Chinese imports, which was followed by an additional 34% tariff last week, raising the total to 54%. In retaliation, Beijing introduced a 34% tariff on US goods, leading to Trump's subsequent increase of another 50%, resulting in the current total of 104%.
During a National Republican Congressional Committee dinner in Washington on Tuesday, Trump warned that the tariffs would persist “until [the Chinese] make a deal with us.” He further asserted that Beijing had “charged us for many items 100 percent, 125 percent… [and] ripped us off left and right.”
Prior to this, Beijing had condemned the escalating trade war as a form of “blackmail” and “economic bullying.”
Trump's sweeping tariffs on China and other countries have created turmoil in stock markets both in the US and globally, erasing nearly $10 trillion in value. Despite recognizing the potential downsides of his policy, the president has defended his strategy, emphasizing the necessity to confront trade “abuses” and strengthen domestic manufacturing.
Navid Kalantari for TROIB News
The new measures include an additional 50% tariff on American goods, set to take effect at noon on Thursday, which adds to an existing 34% tariff, as the ministry's statement detailed.
“The US’ practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously damages the rules-based multilateral trading system,” the document reads.
Alongside the tariff hikes, China’s Ministry of Commerce has filed a complaint with the World Trade Organization against the US and has added six American companies to its 'unreliable entity' list. Furthermore, an additional 12 US businesses are now subjected to export controls that prevent Chinese firms from supplying them with dual-use items.
In a statement released on Tuesday, the ministry affirmed that China is committed to fighting the trade war “to the end” and will “firmly defend its interests.”
In a separate announcement on Wednesday, the Tariff Commission of the State Council urged the “US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect.”
Back in March, Trump had imposed a 20% tariff on Chinese imports, which was followed by an additional 34% tariff last week, raising the total to 54%. In retaliation, Beijing introduced a 34% tariff on US goods, leading to Trump's subsequent increase of another 50%, resulting in the current total of 104%.
During a National Republican Congressional Committee dinner in Washington on Tuesday, Trump warned that the tariffs would persist “until [the Chinese] make a deal with us.” He further asserted that Beijing had “charged us for many items 100 percent, 125 percent… [and] ripped us off left and right.”
Prior to this, Beijing had condemned the escalating trade war as a form of “blackmail” and “economic bullying.”
Trump's sweeping tariffs on China and other countries have created turmoil in stock markets both in the US and globally, erasing nearly $10 trillion in value. Despite recognizing the potential downsides of his policy, the president has defended his strategy, emphasizing the necessity to confront trade “abuses” and strengthen domestic manufacturing.
Navid Kalantari for TROIB News
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