China Retaliates with 84% Retaliatory Tariffs on US Goods
China has announced that they will now raise tariffs on U.S. imports from 34% to 84% in the trade war between the world’s two largest economies.
The measures follow President Donald Trump’s sweeping tariffs against trade partners, including imposing cumulative 104% charges on Chinese goods.
Beijing retaliated after the US tariffs took effect on Wednesday. Its charges will be imposed from Thursday, a government statement said.
“China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect,” the statement said.
The announcement pushed European stock markets lower, but the S&P 500 posted early gains.
The European Union announced its first retaliatory tariffs after the US imposed 25% levies on EU steel and aluminum exports last month.
The tariffs on US goods worth about $23 billion will take effect this month and target products such as soybeans, diamonds, and poultry.
So far, China has not appeared interested in bargaining. “If the U.S. truly wants to resolve issues through dialogue and negotiation, it should adopt an attitude of equality, respect and mutual benefit,” said Ministry of Foreign Affairs spokesman Lin Jian Wednesday.
