BEIJING: China will impose 84 per cent tariffs on US goods from Thursday (Apr 10), up from the 34 per cent previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by US President Donald Trump.
Trump’s “reciprocal” tariffs on dozens of countries took effect earlier in the day, including massive 104 per cent duties on Chinese goods.
The European Union is also preparing its own retaliatory measures for later on Wednesday.
Trump’s punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and wiped trillions of dollars off the market value of major firms.
Trump nearly doubled duties on Chinese imports, which had been set at 54 per cent last week, in response to previous counter-tariffs from Beijing.
US Treasury Secretary Scott Bessent said the 84 per cent retaliatory tariffs were unfortunate and a losing proposition for Beijing.
“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” Bessent said in an interview with Fox Business Network.
Earlier in the day, China called its trade surplus with the United States an inevitability and warned it had the “determination and means” to continue the fight if Trump kept hitting Chinese goods.
China’s finance ministry called the US’ imposition of tariffs a series of mistakes, adding that they infringe on China’s rights and interests, and seriously damage the rules-based multilateral trading system.
China also urged the US to immediately cancel all tariff measures and resolve their differences through dialogue.
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