On Thursday, China demanded that the United States promptly rescind its newest round of tariffs and promised retaliatory measures to protect its interests following President Donald Trump’s announcement of extensive duties on all American trade partners.
According to a statement from the Chinese commerce ministry, this action by the United States ignores the equilibrium of interests established through decades of multilateral trade talks and overlooks how significantly it has profited from global trade for an extended period.
“The ministry stated that China strongly disagrees with this and will implement retaliatory measures to protect its rights and interests.” As the globe’s two biggest economic powerhouses appear poised to escalate their conflict into an even more intense trade war, potentially disrupting international supply networks.
On Wednesday, Trump declared that China would face a 34% tariff.
tariff
In addition to the 20% increase he implemented earlier this year, the total additional charges now amount to 54%, which is nearing the 60% figure he had threatened during his campaign.
As with businesses from other economies, Chinese exporters will encounter a base tariff of 10%, which forms part of an overall increase to 34%, for nearly all products sent to the biggest consumer market starting this Saturday. This preliminary rate will be followed by even higher “retaliatory tariffs” beginning April 9th.
Trump also signed an executive order closing a trade loophole known as “de minimis” that has allowed low-value packages from China and Hong Kong to enter the U.S. duty free.
