China yesterday announced that it would raise tariffs on US goods from 84 percent to 125 percent — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.
While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145 percent.
China has denounced the policy as “economic bullying” and promised countermeasures. The new tariffs take effect today.
Photo: EPA-EFE
Washington’s repeated jacking up of tariffs “will become a joke in the history of the world economy,” a Chinese Ministry of Finance spokesman said in a statement announcing the new tariffs.
“However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end,” he said.
China’s Ministry of Commerce said it would file another lawsuit with the WTO against the US tariffs.
The Chinese tariffs would affect goods such as soybeans, aircraft and their parts and drugs — all among the country’s major imports from the US.
Beijing last week suspended sorghum, poultry and bonemeal imports from some US companies and put more export controls on rare earth minerals, critical for various technologies.
The US’ top imports from China include electronics, such as computers and cellphones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145 percent.
Trump on Wednesday announced that China would face 125 percent tariffs, but he did not include a 20 percent tariff on China tied to its role in fentanyl production.
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