On Friday, China announced retaliatory tariffs of 125% on US goods, aligning with the rates set by US President Donald Trump on imports from China.
China’s heightened tariffs on American products — escalating from 84 percent to 125 percent — will be implemented starting April 12. Nonetheless, Beijing has specified that it does not plan to increase it any more, reported AP.
“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” said the Finance Ministry.
The recent levy emerged after US President Donald Trump increased tariffs on Chinese imports to an astonishing total of 145 percent, further escalating the ongoing trade conflict between the world’s two largest economies.
Previously, Trump declared a 125 percent tariff on products from China on Wednesday. In response, China applied 84 percent tariffs on imports from the US.
“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” the Chinese finance ministry was quoted as saying by Reuters.
Subsequently, the White House explained that the recently declared 125 percent duty would be added to the current 20 percent tariff—initially enacted due to China’s supposed role in the fentanyl supply chain—resulting in a cumulative effective tariff of 145 percent.
Chinese President Xi Jinping called on the European Union to join Beijing in countering what he termed as “unilateral bullying,” subtly alluding to the US’ tariff actions.
“China and Europe should fulfil their international responsibilities and jointly resist unilateral bullying practices,” Xi said during the meeting with Spanish Prime Minister Pedro Sanchez in Beijing, reported AFP.
The Chinese leader emphasized that this collaboration would safeguard the rightful rights and interests of both China and Europe, while also promoting “global fairness and justice.”
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At the meeting, Xi pledged to protect his nation from the US tariff onslaught, stating that China is “unafraid” of the intensifying trade conflict with the United States.
