On Friday, China declared it will increase Trump tariffs on goods American imports to 125%, but stated it will no longer react to additional tariff actions from President Donald Trump. China said it’s no longer worth it for companies to buy from the US because of the high costs.
China referred to Trump’s actions as a “joke” and a “numbers game” following a week of market turmoil during which the US and China raised trade barriers.
China blamed the United States for creating problems in the global market with these high tariffs. Furthermore china said the US should take full responsibility for the situation.
President Trump has used high Trump tariffs on goods as a way to pressure companies to move back to the US and to make other countries reduce their trade barriers for American products.
Global Trade Shaken as Tariffs on Goods Reach New Heights
After a week of market chaos, President Trump softened his stance on changing the global trade system. He paused many tariffs for 90 days, but still raised tariffs on goods og china to a huge 145%.
However, China’s finance ministry said it won’t respond to any more US tariffs because US goods have become too expensive for Chinese buyers.
China’s commerce ministry said the US has been repeatedly increasing tariffs without real economic reason, calling it a “numbers game.”
A Chinese spokesperson added, “If the US keeps playing this game with tariffs, China will simply ignore it.”.
China declared they will file a complaint against Trump tariffs with the World Trade Organization (WTO). This will base on the new US tariffs.
President Trump admitted that his tariff policy is causing some short-term problems, but he dismissed the global market issues, saying, “In the end, it’s going to be a beautiful thing.”
He called the European Union (EU) “very smart” for not hitting back with its own tariffs.
Recommended stories
New trump Tariffs Policy What You Need To Know
Trump Tariffs and China: Beijing Says It Won’t Play the New Numbers Game
“They were ready to respond, but changed their mind after seeing what we did with China,” Trump said. China retaliated Friday to higher US trump tariffs, slapping 125% levies on US Goods.
However, the EU’s leader Ursula von der Leyen told the Financial Times that the EU still has many ways to strike back if talks with Trump don’t go well.
She said one idea could be to tax the advertising money earned by digital services across Europe.
Leave a Reply