China stands firm: Xi not fazed by US tariff hikes
China's leader, Xi Jinping, assured that China "is not afraid" of further tariff increases. He also emphasised that China will remain independent and focused on self-development, not fearing "unjust suppression," reports CNN. Xi Jinping highlighted, "There are no winners in a trade war."
Xi Jinping indicated that Beijing does not intend to back down on the issue of raising tariffs. According to Beijing, further increases have become merely a "numbers game" with 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," said Xi Jinping.
"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 the 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," said Jinping.
China raises tariffs on imports from the USA
On Friday, China announced that the tariffs on American goods would rise to 125 per cent. "If the United States continues its 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 declared in a Friday statement.
In February, the United States imposed 20 per cent tariffs on goods from China and then added another 34 per cent. In retaliation, China imposed a total of 54 per cent tariffs on most American goods, which greatly displeased the US president. Donald Trump decided to raise the stakes by another 50 per cent, totalling 104 per cent tariffs on almost all products imported from China. Beijing responded again. In retaliation, it raised tariffs on American goods to 84 per cent.
Meanwhile, on Wednesday, 9th April, Donald Trump halted new tariffs on nearly all countries in the world for three months but raised tariffs on China up to 125 per cent. On Thursday, the White House had to explain which tariffs Americans are now applying to China. It turned out that they had risen to as much as 145 per cent in total.
