China will be increasing its tariffs on goods imported from the United States from 34% to 84% in response to the US government’s decision to raise tariffs on Chinese exports. The Chinese finance ministry announced that the new tariff rate will take effect from April 10. This move comes after China vowed to “fight to the end” against Donald Trump’s tariffs. The Chinese government stated that the US’s escalating tariffs were a mistake that infringed on China’s rights and damaged the multilateral trading system.
China has made it clear that it is prepared to take necessary countermeasures if the US continues to increase economic and trade restrictions. The Ministry of Commerce emphasized the importance of equality, respect, and mutual benefit in resolving issues through dialogue and negotiation. The Chinese government argued that trade between the two countries is roughly balanced when taking into account services and domestic branches of US companies in China, disputing the US’s claims of trade deficits.
The Chinese white paper also criticized the US for not honoring promises made in the phase 1 trade deal and cited examples such as the attempt to ban TikTok unless it is sold by its Chinese parent company as a violation of previous agreements. China has emphasized that the increase in tariffs by the US will not solve its problems and will only lead to negative consequences such as financial market fluctuations and economic recession. The Chinese government has indicated its readiness to engage in negotiations but will not back down from its stance against escalating tariffs.
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