China Increases US Goods Tariffs to 125% As the Trade War Deepens
New Delhi: Hours after President Xi Jinping called on the European Union to stand with Beijing in opposing “unilateral bullying”—a reference to the hefty tariffs imposed by President Donald Trump—China said on Friday that it will increase taxes on US exports from 84% to 125%.
Trump increased tariffs on China to 145% this week, intensifying the current trade battle between the two largest economies in the world. The new tax, which will take effect on Saturday, was announced in response.
Since “at the current tariff level, there is no possibility of market acceptance for US goods exported to China,” the Chinese finance ministry stated that any additional US action will be disregarded.
“The United States’ imposition of round upon round of abnormally high tariffs on China has become a numbers game with no practical significance in economics,” it stated.
A spokeswoman stated, “China will ignore the US if it keeps playing the tariff numbers game.” Beijing said that the US “should bear full responsibility” for the “turbulence” in the world economy that President Trump’s tariffs have caused.
A spokesman for Beijing’s Commerce Ministry claimed that Washington’s taxes “(caused) the current world economy, global markets, and multilateral trading systems to suffer serious shocks and severe turbulence.”
Beijing also claimed that “pressure from China” had a role in President Trump’s decision to halt tariffs on other nations.
On Wednesday, the US president declared a 90-day reprieve from his broad tariffs on all nations, except for China. Citing a “lack of respect” from Beijing, he announced that he was increasing duties on Chinese goods.
On Wednesday, a prior wave of US tariffs went into effect, increasing taxes on Chinese goods to 104%.
Then, in response to the 104% charges, China said that it would increase its taxes on US goods from 34% to 84%, with effect from Thursday.
Xi Jinping On US-china War, Trump Tariffs
Xi Jinping emphasized that there are “no winners” in trade battles during his meeting with Pedro Sanchez, his Spanish counterpart, in Beijing on Friday.
The Chinese president also cautioned the European Union that cooperation is necessary to weather the escalating trade war with Washington, according to state-run news agency Xinhua.
“China and Europe should fulfil their international responsibilities… and jointly resist unilateral bullying practices,” he said. He added that this would not only “safeguard legitimate rights and interests… but also safeguard international fairness and justice.”
President Trump referred to his Chinese counterpart as a “smart man” just days before to the US China Increases US Goods Tariffs battle intensified.
“I believe that President Xi is a man who is fully aware of what must be done. He is an extremely intelligent individual. He adores his nation. I’m positive of that. He told reporters at the White House this week, “I know him very well.”
Additionally, I believe he will want to strike a deal. I believe that will occur. “Everything will be ready when we receive a phone call,” he continued.
“It is going to be a great thing for us, the world and for humanity,” Trump said.
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