China has increased its retaliatory tariffs on imports from
the United States to 125 percent, escalating the trade war between the economic
powerhouses.
In his first public comments on the war, Xi Jinping, Chinese
leader, said his nation was “not afraid”.
“The successive imposition of excessively high tariffs on
China by the US has become nothing more than a numbers game, with no real
economic significance,” the Chinese commerce ministry said in a statement on
Friday.
“It merely further exposes the US practice of weaponizing
tariffs as a tool of bullying and coercion, turning itself into a joke.
“If the US insists on continuing this numbers game with
tariffs, China will not engage.
“However, if the US persists in substantively harming
China’s interests, China will resolutely take countermeasures and fight to the
end.”
Stocks plunged in Europe following the move with the US
dollar falling to its weakest against the euro since 2022.
The Donald Trump-led US administration is yet to respond to
the move.
Despite drawing first blood with a global tariff blitz,
Trump has retaliated with higher tariffs against nations and unions that
responded to his taxes on goods.
When Beijing responded by announcing a reciprocal 84 percent
tariff on US goods last week, Trump said their actions “lacked respect” and hit
back with a 125 percent imposition, while lowering the rates for other nations.
China’s new rates on US goods are set to take effect on
April 12.
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