Trade War: China hits U.S. with 125% tariffs on American goods
China has increased its tariffs on the U.S. to 125 per cent in Beijing’s latest retaliatory action against President Donald Trump’s administration as the ongoing trade war between the two superpowers continues to escalate.
The announcement by the State Council, China’s cabinet, came on Friday after the American government raised the minimum tariffs on Chinese products from 104 per cent to 145 per cent on Thursday as part of punishments for China daring to respond to previous tariffs imposed on their exports to the U.S.
In a statement by its finance ministry on Friday, the Chinese government condemned the latest decision by Mr Trump to impose a new 125 per cent tariff on products from China, noting that the move violated international trade rules and an act of bullying and coercion that goes against economic principles and common sense.
Meanwhile, China said it would no longer respond to any future tariff increase on Chinese products by the Trump administration as there is no viable market for U.S. products entering China considering the current rate of tariffs.
“Given the current level of tariffs, there is no market viability for U.S. goods entering China. If the U.S. further raises tariffs on Chinese goods in the future, China will not respond,” the statement said.
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