BEIJING: In response to the protectionist measures of the US administration, China is boosting duties on US goods from 84% to 125% starti...
BEIJING: In response to the protectionist measures of the US administration, China is boosting duties on US goods from 84% to 125% starting April 12, the Tariff Committee of the State Council of China announced.
As the Council points out in a statement, Washington's excessive duties on Chinese products are "a significant violation of international trade and economic regulations, basic economic principles, and common sense, and represent completely unilateral acts of intimidation and coercion."
"Given that at the current tariff level the market can no longer accommodate American goods entering China, the Chinese side will not take into account further increases in US tariffs on Chinese products," the statement emphasized.
Beijing plans to address all other issues related to trade and economic relations with the United States in line with the resolutions of the State Council Tariff Committee.
US leader Donald Trump initiated a large-scale trade war by announcing on April 2 the imposition of tariffs on goods from 185 countries and regions. For Chinese goods, Washington set the rate at 34%. In retaliation, China imposed additional tariffs of 34% on all American products starting April 10.
Subsequently, the US President promised Beijing duties of 104% until the Chinese side agrees to a trade deal with the United States. China responded by raising tariffs on US goods to 84%. In return, Trump announced an immediate increase in the tariff rate on Chinese goods to 125%.
-News Feed
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