This action follows President Trump’s imposition of a 104% tariff on Chinese products.
China’s Finance Ministry announced an increase in tariffs on American goods, reaching a total of 84%. This move is a response to US President Trump’s recent increase of tariffs on all Chinese imports to a substantial 104% earlier in the week.
Beijing has implemented an additional 50% tariff on American goods, effective Thursday at noon, mirroring Washington’s actions. This new tariff is in addition to the previously existing 34% tariff, according to a statement released by the ministry on Wednesday.
“The US’s continued escalation of tariffs on China is a grave mistake that severely undermines China’s legitimate rights and interests and significantly damages the multilateral trading system based on established rules,” the statement read.
Besides the tariff increase, China’s Ministry of Commerce has filed a complaint against the US with the World Trade Organization and added six American companies to its ‘unreliable entity’ list. Furthermore, 12 US businesses are now subject to export controls, preventing Chinese companies from supplying them with dual-use items.
The ministry declared in a statement on Tuesday that China would fight the trade war “to the end” and was committed to “firmly defend its interests.”
In a separate statement issued on Wednesday, the Tariff Commission of the State Council urged the “US to immediately rectify its incorrect actions, remove all unilateral tariff measures against China, and resolve disagreements with China through equitable dialogue based on mutual respect.”
In March, Trump imposed a 20% tariff on Chinese imports. Last week, he added another 34%, bringing the total to 54%. Beijing responded by introducing a 34% tariff on US goods, after which Trump added an additional 50%, bringing the total to 104%.
Speaking at a National Republican Congressional Committee dinner in Washington on Tuesday, the US president stated that the tariffs would remain “until [the Chinese] make a deal with us.” Trump also alleged that Beijing had “charged us for many items 100 percent, 125 percent… [and] ripped us off left and right.”
Earlier, Beijing had denounced the escalating trade war as a form of “blackmail” and “economic bullying.”
Trump’s decision to impose broad tariffs on China and other nations has caused significant disruption in stock markets in the US and globally, resulting in a loss of nearly $10 trillion in value. While acknowledging the negative consequences of his policy, the president defended his approach, citing the need to address trade “abuses” and strengthen domestic manufacturing.
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