China Announces Tariff Increase on US Goods in Response to Trump’s Move
In a move to escalate the ongoing trade war, China has announced an increase in tariffs on US goods from 84% to 125%. The new tariff will be effective from April 12th, according to the Ministry of Finance in China.
The US government, under President Donald Trump, had previously raised tariffs on Chinese goods, which now amount to a total of 145% – not 125% as previously reported.
In a statement, the Chinese government claimed that “even if the US continues to impose higher tariffs, it will not make economic sense and will become a joke in the history of world trade.” The statement further stated that “with the current tariff level, there is no market left for US goods exported to China.”
The hopes of reaching an agreement between the US and China to resolve the trade tensions quickly faded as Beijing imposed retaliatory tariffs and restrictions on US companies last week.
The ongoing trade dispute between the two countries has caused significant economic uncertainty and has impacted global markets. Both countries have accused each other of unfair trade practices and the escalating tensions have led to a series of retaliatory measures.
The situation remains volatile and it remains to be seen whether the two countries can find a resolution to the trade dispute. The impact of the escalating trade war on global markets and the world economy is yet to be fully understood.
In conclusion, the announcement of the increase in tariffs on US goods by China is a further escalation in the ongoing trade war between the two countries. The situation remains uncertain and it remains to be seen how it will impact global markets and the world economy.