Markets took another plunge as China announced the increased tariff, the latest move in the escalating trade war between the two super powers that threatens to wipe out billions of dollars of trade
China has said they will bring in an extra 84% tariffs on the US after Donald Trump put a 104% tariff on some Chinese imports to the US which the president later increased to 125%.
This is a 50% increase on top of China’s previous tariff. This comes after an editorial in the state-run newspaper China Daily declared: “Global unity can triumph over trade tyranny.”
The U.S. president has shown few signs of backing down on tariffs despite the mounting pressure in the financial markets. His commitment to tariffs could have devastating effects for the global economy, even though Trump is banking that it will ultimately pay off with manufacturing jobs.
Stock markets have been left reeling in the face of uncertainty brought on by the trade war.
“The situation has dangerously escalated. As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement.
Beijing “firmly opposes and will never accept such hegemonic and bullying practices,” foregin ministry spokesperson Lin Jian told reporters on Wednesday.
The tariffs will come into effect on April 10. The announcement came after China said it will take “resolute measures” to defend its trading rights.
They previously swore to ‘fight to the end.’
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end” the Ministry of Commerce wrote in a statement.
During his campaign for the White House last year, Trump said tariff was “the most beautiful word in the dictionary.”
Republican senators are confronting the Trump administration with those worries and many more as they fret about the economic impact of the president’s sweeping tariffs.
In a Senate hearing and interviews with reporters this week, Republican skepticism of President Donald Trump’s policies ran unusually high.
While GOP lawmakers made sure to direct their concern at Trump’s aides , particularly U.S. Trade Representative Jamieson Greer, who appeared before the Senate Finance Committee on Tuesday.
Source: https://www.themirror.com/news/us-news/china-tariff-usa-response-trump-1081554
