China Hikes Tariffs on U.S. Imports to 125% Amid Escalating Trade War
It was after Donald Trump hiked the tariffs against Beijing to 145 percent that China acted, further fanning the flames of the trade war between the two biggest economies.
China Hikes Tariffs on U.S. Imports to 125% Amid Escalating Trade War
China on Friday announced that it will increase tariffs on US products to 125 per cent from 84 per cent, only hours after President Xi Jinping urged the European Union to join Beijing in counteracting "unilateral bullying," a reference to President Donald Trump's huge tariffs.
The new tax, which takes effect on Saturday, was introduced following Trump this week escalated the tariffs on China to 145 percent, further intensifying the raging trade war between the world's leading two economies.
In disclosing further steps by the US, the Chinese Ministry of Finance would added that, "As far as tariffs currently existing stands, US products exported to China will not be accepted go by the markets."
"The United States' round upon round imposition of unusually high tariffs on China has been reduced to a numbers game without any practical economic meaning," it stated.
"If the US keeps playing the tariff numbers trick, China will just ignore it," a spokesperson said.
Beijing also claimed that the US "should take full responsibility" for the global economic "turmoil" caused by President Trump's tariffs.
The U.S. President, who placed an exception on China, on Wednesday, announced a 90-day reprieve with respect to tariffs imposed internationally, except for China. He said there would be additional tariffs on Chinese products that were becoming hard to find due to a lack of "respect" from Beijing.
A recent phase of US tariffs had already kicked in on Wednesday, raising the duties on Chinese imports to 104 per cent.
Addressing his Spanish counterpart Pedro Sanchez in Beijing on Friday, Xi said that it was a "no-win" situation involving both parties.
State news agency Xinhua reported the Chinese President also warned the European Union that it had to work with China so the two can weather the increasing trade war with Washington.
"China and Europe must implement their international responsibilities. And co-resist unilaterally abusive behaviours," he said, noting that this would not only "protect legitimate rights and interests. But also protect international fairness and justice."
