China promises to 'fight till the end' in response to Trump's tariffs
The US president has threatened further escalation with an additional 50% levy against Beijing. China’s Commerce Ministry has cautioned Washington against entering a never-ending cycle of retaliatory trade measures, following US President Donald...
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The US president has threatened further escalation with an additional 50% levy against Beijing.
China’s Commerce Ministry has cautioned Washington against entering a never-ending cycle of retaliatory trade measures, following US President Donald Trump's announcement of potential new tariffs on Chinese imports.
Last week, the president revealed significant new tariffs affecting imports globally, which included a 34% duty on Chinese goods. In retaliation, Beijing pledged to implement a corresponding 34% tariff increase on American exports, which led Trump to threaten further escalation.
The Chinese government condemned the escalating trade conflict, labeling it as a form of “economic bullying.” The Commerce Ministry stated on Tuesday that it would take strong countermeasures to safeguard China’s national interests.
“China will fight till the end if the US side is bent on going down the wrong path,” a ministry spokesperson said, as cited by Xinhua.
Trump has justified what he terms “reciprocal tariffs” – which range from 10% to 49% on imports from all countries – as a crucial step towards reducing the US trade deficit. He contends that these tariffs will make foreign products less appealing to American consumers and exert pressure on international partners to open their markets to US goods.
In a post on Truth Social Monday, Trump warned that not just China, but any nation that retaliates “will be immediately met with new and substantially higher tariffs.”
The escalating global trade conflict has already unsettled financial markets. According to Bloomberg, over $10 trillion has been lost from global equities as of Monday. Bitcoin fell below $75,000 for the first time in five months, and many of the top 100 alternative cryptocurrencies saw declines of 15% or more. Additionally, JPMorgan has increased the likelihood of a US and global recession to 60% by the end of the year, up from a previous 40% estimate.
Trump reiterated his stance, claiming that “sometimes you have to take medicine to fix something,” and assured that jobs and investments would return to the United States, making it “wealthy like never before.”
Mathilde Moreau for TROIB News
China’s Commerce Ministry has cautioned Washington against entering a never-ending cycle of retaliatory trade measures, following US President Donald Trump's announcement of potential new tariffs on Chinese imports.
Last week, the president revealed significant new tariffs affecting imports globally, which included a 34% duty on Chinese goods. In retaliation, Beijing pledged to implement a corresponding 34% tariff increase on American exports, which led Trump to threaten further escalation.
The Chinese government condemned the escalating trade conflict, labeling it as a form of “economic bullying.” The Commerce Ministry stated on Tuesday that it would take strong countermeasures to safeguard China’s national interests.
“China will fight till the end if the US side is bent on going down the wrong path,” a ministry spokesperson said, as cited by Xinhua.
Trump has justified what he terms “reciprocal tariffs” – which range from 10% to 49% on imports from all countries – as a crucial step towards reducing the US trade deficit. He contends that these tariffs will make foreign products less appealing to American consumers and exert pressure on international partners to open their markets to US goods.
In a post on Truth Social Monday, Trump warned that not just China, but any nation that retaliates “will be immediately met with new and substantially higher tariffs.”
The escalating global trade conflict has already unsettled financial markets. According to Bloomberg, over $10 trillion has been lost from global equities as of Monday. Bitcoin fell below $75,000 for the first time in five months, and many of the top 100 alternative cryptocurrencies saw declines of 15% or more. Additionally, JPMorgan has increased the likelihood of a US and global recession to 60% by the end of the year, up from a previous 40% estimate.
Trump reiterated his stance, claiming that “sometimes you have to take medicine to fix something,” and assured that jobs and investments would return to the United States, making it “wealthy like never before.”
Mathilde Moreau for TROIB News
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