China vows retaliation against Trump's steep new tariffs

The Ministry of Commerce warned that raising tariffs will not solve the United States' problems and will only harm both U.S. interests and global economic development, as well as the stability of supply chains. "China urges the U.S. to properly resolve differences with trading partners through equal dialogue," the statement said. The ministry says, "There can be no winners in a trade war. Protectionism is a path to nowhere."

Donald Trump announced on Wednesday that an additional 34% tariff will be imposed on imports from China. Combined with the 20% tariffs implemented this year, this means that goods from China will be subject to 54% tariffs from 5 April. During the election campaign, Trump promised tariffs of up to 60%.

"The so-called ‘reciprocal tariffs’ have violated international trade rules and undermine the legitimate rights and interests of relevant parties, and are a typical act of unilateral bullying," assessed the Ministry of Commerce.

The authorities in Beijing have not specified what steps they will take in response to Wednesday's decision by Washington.

Following the announcement of the first U.S. tariffs on Chinese imports in February, Beijing responded with, among others, a 15% tariff on coal and liquefied natural gas (LNG) imports, as well as 10% tariffs on imports of crude oil and agricultural machinery. The doubling of tariffs by the U.S. was met with retaliation in the form of tariffs ranging from 10% to 15% on imports of agri-food products from the U.S.

According to some experts, increasing tariffs on imports from China may encourage Beijing authorities to more actively diversify trade with alternative markets, from Europe to Southeast Asia and Africa.

Donald Trump announced on Wednesday, during Liberation Day, "retaliatory tariffs" on the entire world: 10% on all imports and 25% on foreign cars. He then presented a list of countries and the specific tariffs that will apply to them - in the case of the European Union, it will be 20%. General tariffs will take effect from 5 April, while additional tariffs for specific countries will start from 9 April.

The retaliatory tariffs imposed on the EU will reach 20%. That's less than the new tariffs Donald Trump plans to impose on China - those will be as high as 34% - but more than the retaliatory tariffs targeting Brazil, for example, which will reach 10%.

During a conference in front of the White House, the U.S. President argued that these tariffs would be "nicer" and not as high as those imposed on the U.S. by other countries. He stated that such a tariff policy would make America rich again.