China is to impose 84 percent tariffs on US imports, up from 34 percent, the Chinese Ministry of Finance said yesterday, hours after similar levies by the US came into force.
US President Donald Trump’s latest salvo of tariffs came into effect on dozens of trading partners, including punishing 104 percent duties on imports of Chinese products.
Beijing has consistently opposed tariff increases and said that it would take “firm and forceful” steps to protect its interests.
Photo: AFP
Its finance ministry later said in a statement that “additional tariff rates” on imports originating in the US would “rise from 34 percent to 84 percent,” effective from 12:01pm today.
“The tariff escalation against China by the United States simply piles mistakes on top of mistakes [and] severely infringes on China’s legitimate rights and interests,” the ministry said.
Washington’s moves “severely damage the multilateral rules-based trade system,” it added.
In a separate statement, the Chinese Ministry of Commerce said it would blacklist six US artificial intelligence firms, including Shield AI Inc and Sierra Nevada Corp.
The companies had either sold arms to Taiwan or collaborated on “military technology” with the nation, the commerce ministry said.
Asian and European shares slid yesterday after Trump threatened to add still more tariffs. Taiwan led losses in Asia, as the TAIEX fell 5.79 percent, while Japan’s Nikkei 225 dropped 3.9 percent and South Korea’s KOSPI retreated 1.7 percent.
Hong Kong’s Hang Seng Index rose 0.7 percent, and the Shanghai Composite index closed 1.3 percent higher, while India, Australia and New Zealand fell. In early European trading, Germany, France and the UK also moved lower.
Trump has said his government was working on “tailored deals” with trading partners, with the White House saying it would prioritize allies such as Japan and South Korea.
US Trade Representative Jamieson Greer also told the US Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.
Trump told a dinner with fellow Republicans on Tuesday night that countries were “dying” to make a deal.
“I’m telling you, these countries are calling us up kissing my ass,” he said.
Separately, Canada said that its 25 percent tariffs on certain US auto imports would come into force on yesterday, while the EU — which Trump has criticized bitterly over its tariff regime — might unveil its response next week to new 20 percent levies it faces.
In retaliation against the US steel and aluminum levies that took effect last month, the EU plans tariffs of up to 25 percent on US goods, including motorcycles, poultry, fruit, wood, clothing and dental floss, according to a document seen by Reuters.
They totaled about 21 billion euros (US$23.21 billion) last year, meaning the EU’s retaliation would be against goods worth less than the 26 billion euros of EU metals exports hit by US tariffs.
They are to be implemented in stages — on Tuesday next week, May 16 and Dec. 1.
Additional reporting by AP and Reuters
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS