China remains defiant in escalating tariff battle with US
Chinese leader Xi Jinping assured that China is "not afraid" of further tariff increases. Moreover, he emphasized that China will remain independent and focused on self-development, unafraid of "unjust suppression," reports CNN. "There are no winners in a trade war," Xi Jinping emphasized.
Xi Jinping pointed out that Beijing does not intend to yield regarding tariff increases. According to Beijing, further tariff hikes have become merely a "numbers game" and have no real impact on China's economy. "There are no winners in a trade war, and going against the world will only lead to self-isolation," Xi Jinping said.
"For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression. Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well," the Chinese leader emphasized.
Xi Jinping also addressed relations between China and the European Union. "China and the EU should fulfill their international responsibilities, jointly uphold the trend of economic globalization and the global trade environment, and work together to oppose unilateral bullying," Jinping said.
China raises tariffs on US imports
On Friday, China announced that tariffs on American goods would rise to 125%. "If the US continues to play the tariff numbers game, China will ignore it," announced the ministry in Beijing. "If the US persists in substantively harming China’s interests, China will resolutely take countermeasures and fight to the end," Chinese authorities stated in a Friday communiqué.
In February, the United States imposed 20% tariffs on products from China and added another 34%. In retaliation, China imposed 54% tariffs on most American goods, greatly displeasing the US President. Donald Trump raised the stakes by another 50%, resulting in 104% tariffs on almost all products imported from China. Beijing responded again. In retaliation, it raised tariffs on American goods to 84%.
Meanwhile, on Wednesday, April 9th, at 3:00 PM Eastern Time, Donald Trump paused new tariffs on nearly all countries for three months, but raised tariffs on China to as much as 125%. On Thursday, the White House had to explain what tariffs Americans are now collecting from China. It turned out they increased to as much as 145% in total.
