 "'Will ignore further hikes': China hits back at US with 125% retaliatory tariff as trade war worsens")
synopsis
China announced on Friday that it will increase tariffs on US products to 125 per cent, intensifying the ongoing trade conflict between the two largest global economies.
China announced on Friday that it will increase tariffs on US products to 125 per cent, intensifying the ongoing trade conflict between the two largest global economies. In a statement released through the finance ministry, the state council tariff commission said, "The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense."
The new tariffs will take effect on Saturday.
China said it would "ignore" further tariff hikes by the United States because US goods would no longer make economic sense for importers, as it slapped fresh levies of 125 per cent on its largest trading partner.
State media also reported China would file a lawsuit with the World Trade Organization over Washington's fresh tariffs.
The development comes after Trump raised the tariffs for China to a staggering total of 145 per cent, further escalating the ongoing trade war between the world's two top economies.
"The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense," Beijing's State Council Tariff Commission said in a statement shared by the finance ministry.
The White House kept the pressure on the world's No.2 economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having paused most of the "reciprocal" duties imposed on dozens of other countries.
China vows to fight Trump tariffs
China on Friday called on the European Union to join hands to resist "unilateral bullying" by the United States, referring to the 145 per cent tariffs imposed by President Donald Trump on imported Chinese goods and the 20 per cent tax (suspended for 90 days after the EU retaliated) on goods from the bloc.
China also said it is ready to fight a trade war if the US continues to act "recklessly".
State-run news agency Xinhua said Xi also warned the European Union it needed to cooperate with China so the two can ride out the mounting trade war with Washington, D.C.
"China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices," the Chinese President said echoing remarks from earlier and stressing this would not only "safeguard legitimate rights and interests... but also safeguard international fairness and justice."
President Trump on Wednesday said he was raising tariffs on Chinese imports, citing a "lack of respect" from Beijing.
A previous round of US tariffs had come into force on Wednesday, hiking up duties on Chinese imports to 104 percent.
China then responded to the 104 percent duties, saying it would raise its own tariffs on US imports from 34 percent to 84 percent, effective from Thursday.
subscribe to Asianet News Whatsapp channel by clicking here.
subscribe to Asianet News on YouTube by clicking here.