Trade war ramps up as China retaliates by raising tariffs on U.S. imports
Global News
China hits back by raising tariffs on imported American products from 84 per cent to 125 per cent after the U.S. raising tariffs on China earlier this week.
China announced Friday that it will raise tariffs on U.S. goods from 84 per cent to 125 per cent — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.
While U.S. President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145 per cent. China has denounced the policy as “economic bullying” and promised countermeasures.
The new tariffs begin Saturday.
Washington’s repeated jacking up of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs.
“However, if the U.S. insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”
China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the U.S. tariffs.
Trump’s on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the U.S. could be headed for a recession.
There was some relief when Trump paused the tariffs for most countries — but concerns remain since the U.S. and China are the world’s number one and number two economies, respectively.
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