China will impose an 84 per cent tariff on us imports as the trade war between the world’s biggest economies escales again.
China’s Finance Ministry said the new levy will come into effect from Thursday.
It made the annuncement on Wednesday, when the us began imposing a 104 per cent level on Chinese imports.
The Chinese Tariff on Us Goods had been 34 per cent.
World Markets Again Lost Ground Following Beijing’s Announcement.
US Treasury Secretary Scott Besent Told Fox Business Network That China’s Tariff Increase was a losing proposition for Beijing.
“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the International Trading System,” Mr Bestent said.
He said allies had discussed with us officials how to rebalance China’s trade policies.
“That is the big win here. The us is trying to rebalance toward more manufacturing. China needs to rebalance towards more consumption,” He said.
He warned Beijing should not try to devalue its currency in response to us tariffs.
“If China starts devaluing, then that is a tax on the rest of the world and everyone will have to keep raising their tariffs to offset the devaluation. So I would urge them not to do that and to come to the table,” He said.
He didnt rule out removing Chinese stocks from us Exchanges, saying all options were being considered.
According to Chinese State Media, Beijing will add six American companies to its unreliable entity list, which targets specific businesses on security, development or or sovereignty grounds.
China’s Commerce Ministry also announced it had also lodged a new lawsuit against America’s 104 per cent tariff on Chinese Goods, which came into effect on tuesday, us time.
Beijing told the world trade organization (wto) that us tariffs threatened to further destabilise global trade.
“The situation has dangerously escalated. As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement to the wto that was sent to reuters.
“While China Opposes Trade Wars, it will firmly defend its legitimate interests.”
China launched its initial Appeal with the wto against America’s Levy Policy Last Week.
As Donald Trump’s Tariffs Take Effect, Other Major Economies including the European Union are preparing retaliatory measures.
The US’s Tariff Policy has wiped trillions of dollars from Global Markets Since it was unveiled.
Despite the Market Chaos, President Trump has remained defiant, describing his tariff agenda as “permanent”.
He has also said he views tariffs as key to bringing country from across the world to the negotiating table to review trade arrangements.