Beijing (TDI): China has announced that it will impose 84 percent retaliatory tariffs on all imports from the United States, in response to Trump’s massive 104% total tariffs on Chinese goods.
Beijing also announced that it will file an additional case against the United States in the World Trade Organization and said, “If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end.”
The Ministry of Finance of the People’s Republic of China responded to the additional tariffs imposed by the US saying, “The US escalation of tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously undermines the rules-based multilateral trading system.”
It also urged the United States to “immediately correct its erroneous practices, lift all unilateral tariffs against China, and properly resolve differences with China through dialogue on an equal footing on the basis of mutual respect.”
Read More: China Warns of Countermeasures Against US Tariff Escalation
In February this year, the United States had imposed 10 percent tariffs on China, followed by another increase of 10 percent on all Chinese goods in March.
On April 3, President Trump imposed “reciprocal tariffs” on a group of countries including China, which were to come into effect on April 9. The levies on Chinese exports, after this new wave of duties, had reached to a total of 54 percent.
However, on April 9, the tariffs imposed on China had drastically reached to a total of 104 percent, with an increase of 50 percent additional tariffs on the country.
Peter Boockvar, Chief Investment Officer of Bleakley Financial Group, commented on the recent trade war between the US and China, and said that “it’s hard to believe it’s actually happening between the two largest economies that make up almost $50 trillion of global GDP, almost half of the world – let alone a tariff war against the whole world.”
Read More: US to Impose 104% Tariffs on Chinese Imports
The Press Secretary of the United States, Karoline Leavitt, addressed the concerns regarding the US’ reciprocal tariffs and said that the tariffs have been designed by the US President to open negotiations with the country’s trading partners.
She further said, “To countries around the world, bring us your best offers and he will listen,” and the “deals will only be made if they benefit American workers.”
Not only China but US’s European allies are also under the grind since Trump showed up with the infamous tariff list. All trading partners of the US have been deeply unsettled by this move of the Trump administration.
Many have already requested meetings with the Trump administration to renegotiate the terms and make trade bearable and mutually beneficial.
Javaria Khalid is a Web Contributor at The Diplomatic Insight Magazine. She specializes in covering geopolitical developments, international relations, diplomatic, and socio-economic developments in Europe and Pakistan.
