Trade war intensifies as China retaliates against tariffs on U.S. imports – Country
China announced Friday that it would raise tariffs on U.S. goods from 84% to 125%, the latest in a escalating trade war between the world's two largest economies, which rocked the market and raised concerns about a global slowdown.
Although U.S. President Donald Trump paused import taxes on other countries this week this week, he raised tariffs on China, now totaling 145%. China condemned the policy as “economic bullying” and promised countermeasures.
New tariffs begin on Saturday.
A Chinese Finance Ministry spokesman said in a statement announcing new tariffs that Washington repeatedly caused tariffs “will become a joke in the history of the world’s economic.
“But if the United States insists on continuing to infringe upon China's interests, then China will fight back firmly and ultimately fight.”
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China's Ministry of Commerce said it would file another lawsuit with the World Trade Organization to violate U.S. tariffs.
Trump’s inappropriate measures have raised alarms in stock and bond markets and have led some to warn that the U.S. could suffer a recession.
People felt relieved when Trump suspended tariffs in most countries – but there were concerns as the United States and China were the world's number one and second-ranked economies respectively.
WTO chief Ngozi Okonjo-iweala said earlier this week that the trade war between the United States and China “could severely damage the global economic outlook.”
Chinese tariffs will affect goods such as soybeans, aircraft and their parts and drugs, which are the country's main imports from the United States
Meanwhile, Beijing imported sorghum, poultry and tricky imports from some U.S. companies last week and put more export controls on rare earth minerals, which are crucial to various technologies.
Meanwhile, the highest imports from China include electronics such as computers and cell phones, industrial equipment and toys – consumers and businesses may see prices rising for these products, with tariffs now at 145%.
Trump announced on Wednesday that China would face 125% tariffs, but he did not include 20% tariffs on China, which is related to its role in fentanyl production.
White House officials hope that import taxes will create more manufacturing jobs by bringing production back to the United States, a politically risky trade-off that, if anything, may take years to achieve.
& Copy 2025 Canadian Press
