China Imposes 84% Tariff on US Goods in Retaliation for 104% US Tax. This move escalates the trade war, with China refusing to yield.
Tariff War: China has retaliated against the US by raising tariffs on US goods to 84 percent. This decision comes in response to the US announcement of a 104% tariff on Chinese products. This Chinese action is considered to further exacerbate global trade tensions.
China's Unwavering Message: No Yielding to Pressure
A statement released by China's Ministry of Commerce clearly indicates that it will not succumb to US pressure. This tariff increase is viewed as a strategic retaliation, with Beijing sending a clear message to Washington—"We will not back down."
Background of the Trade War
Trade tensions between the US and China began during the Donald Trump administration. The US levied several accusations against China, including trade deficits, intellectual property theft, and technology transfer. In response, both countries repeatedly imposed tariffs on each other's goods.
Escalation of the Tariff War
On April 2nd, Trump announced an additional 34% tax on Chinese goods.
China immediately imposed a similar level of tariff on US products.
Following this, Trump announced a further 50% tariff increase.
In total, the US has now imposed a 104% tariff on goods from China.
Global Impact: Effects on Both Countries
Experts believe this tariff war will not be limited to these two powerful economies but will also impact global supply chains, consumer prices, and investment. The policy has received mixed reactions in the US—some view it as beneficial for domestic industries, while others are concerned about consumer inflation.
China's Stance
China has made it clear that it will respond to this economic battle at every level. "We are prepared to fight to the end"—this statement from China's commerce ministry indicates that a swift resolution to the dispute is unlikely.
