In a sharp escalation of the ongoing trade tensions, China’s Ministry of Finance announced on Wednesday that it is raising tariffs on imports from the United States to 84%, up from the earlier 34%. The move comes as a retaliatory response to former U.S. President Donald Trump’s sweeping 104% tariff on Chinese goods, which took effect earlier this week.
The new Chinese tariff is expected to impact a wide range of American exports, further straining economic ties between the world’s two largest economies. This sharp escalation in tariff rates is likely to intensify global fears of a renewed trade war, with potential ripple effects across global markets, trade flows, and inflation dynamics.
Earlier in the day, China released a detailed white paper titled “China’s Position on Some Issues Concerning China-U.S. Economic and Trade Relations,” where it laid out its official stance on the trade dispute. The document reiterated that China has always sought mutually beneficial cooperation and reaffirmed its commitment to World Trade Organization (WTO) principles.
The white paper accused the U.S. of repeatedly breaching trade commitments, overextending the national security clause, and unilaterally imposing retaliatory tariffs. It also defended China’s trade practices and emphasized its reforms in intellectual property protection and improved market access in various sectors.
Beijing’s latest move to hike tariffs comes as a clear message to Washington that it won’t back down without a fight. While urging dialogue and peaceful resolution, China also stated it would continue to “take all necessary measures to safeguard its national interests.”
This is a developing story…
