Thursday, April 10, 2025 - China has reiterated that it will “fight to the end” against US President Donald Trump’s trade war by raising its tariffs on U.S. products to 84%, up from its previously announced 34%.
This comes as tariffs of 104 percent on Chinese imports came
into effect on Wednesday, April 9.
In response, Beijing said tariffs on US goods will rise
to 84% from 34%, effective April 10.
The government issued a white paper on the US-China
commercial ties on Wednesday, saying Beijing “does not deliberately pursue a
trade surplus.”
But, it said, if the US “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.”
In a separate statement, China’s Ministry of Commerce warned
Washington that there “are no winners in a trade war.”
“China does not want one, but the government will never
allow the legitimate rights and interests of the Chinese people to be harmed or
taken away.”
It said Trump is using tariffs “as a tool to exert maximum
pressure for selfish gains – this is classic unilateralism, protectionism and
economic bullying.”
Beijing also imposed restrictions on 18 US companies, mostly
in defense-related industries, adding to the 60 or so American firms punished
over Trump’s tariffs.
The Chinese government, however, says the two countries
could still resolve their differences “through equal-footed dialogue and
mutually beneficial cooperation.”
The Trump administration announced a sweeping new tariff
policy last week, warning other countries not to retaliate.
The European Union announced its first retaliatory tariffs
after the US imposed 25% levies on EU steel and aluminum exports last month.
The tariffs on US goods worth about $23 billion will take
effect this month and target products such as soybeans, diamonds, and poultry.
Zhiwei Zhang, chief economist at Pinpoint Asset Management,
said China had sent a "clear signal" that it intended to maintain its
stance despite the higher US tariffs.
"China can afford to wait. I don't expect a quick and easy way out
from the current trade conflict," Zhang said. "The damage to the two
economies will become visible soon. The outlook for international trade and
global economic growth is highly uncertain."
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