The escalation of the trade war continues: China increases tariffs against the US to 125%!
China will raise tariffs on all US goods to 125%, from 84%, starting Saturday. The new tariff now matches the so-called 'reciprocal' tax that the US imposes on Chinese imports, although Beijing has said it will not increase it further. If we count the tariffs that the US previously imposed on China, the current rate on imported goods is 145%.
" Even if the US continues to impose higher tariffs, this will no longer make economic sense and will become a joke in the history of the world economy ," a statement from the Ministry of Finance said.
"At the current tariff level, there is no market acceptance for US goods exported to China. If the US continues to play the tariff numbers game, China will ignore it. However, if the US insists on continuing to fundamentally infringe on China's interests, China will resolutely counterattack and fight to the end ," he continued.
Before the US markets opened, the S&P 500 and Dow Jones fell in response to the news, extending a week of market volatility. The dollar fell almost 2% against the euro immediately after China's announcement.
After announcing a broad set of "reciprocal" tariffs on April 2, President Trump earlier this week suspended most of those tariffs for a period of 90 days, leaving a base tariff of 10% in place for the affected countries.
China, however, was exempt from Trump's mercy, as the president announced he would increase tariffs on the country to 125% after Beijing imposed an 84% tax.
"Based on the lack of respect that China has shown to world markets, I am increasing the tariff imposed on China by the United States of America to 125%, effective immediately ," Trump said in a post on social media.
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