China’s Retaliatory Tariffs Against US Take effect on Thursday
(MENAFN) China's 84 percent tariffs, in retaliation for United States Leader Donald Trump's decision to increase duties on Chinese imports, came into effect on Thursday, intensifying the ongoing trade conflict between the two global powers.
In a series of reciprocal tariff hikes, China imposed 34 percent tariffs in response to Trump’s initial round of levies.
This came after Trump warned China to withdraw the tariffs or face further increases. Despite the warning, China refused to back down, leading to Trump imposing tariffs of up to 104 percent on Chinese imports. In turn, Beijing responded with an 84 percent duty on American goods.
Trump's actions didn't stop there, as he escalated tariffs to 125 percent on Wednesday. In response, Beijing has also added 18 US companies to its trade restriction lists, along with implementing other countermeasures.
As the trade war continues to simmer, there appears to be no immediate sign of a ceasefire between the two nations.
In an effort to ease the effects of US tariffs, China is reportedly seeking stronger trade relationships with other countries. President Xi Jinping is preparing for a visit to Southeast Asia, including Malaysia, next week.
Additionally, China and the European Union (EU) have expressed their commitment to safeguarding the multilateral trade system, with the World Trade Organization (WTO) as its foundation.
This agreement was reached during a virtual meeting between China’s Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic, as reported by a Chinese state-run news agency on Thursday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
