China Tariffs 125% on U.S. Goods After Trump Raises Duties to 145%
China has recently increased tariffs on US goods to 125% amidst the ongoing trade war between the two economic giants. This move comes shortly after President Trump raised duties on Chinese imports to 145%, escalating tensions between the two nations with no signs of resolution in sight.
The announcement made by Beijing’s State Council Tariff Commission stated that if the US continues to impose tariffs on Chinese exports, China will ignore it. This decision reflects China’s stance against what they deem as “unilateral bullying and coercion” by the US, violating international trade rules and economic laws.
President Xi Jinping has called on the European Union to join forces with China in standing against unilateral bullying practices. He emphasized the need for China and Europe to fulfill their international responsibilities and resist such actions together.
In response to the escalating trade tensions, the German Finance Minister, Joerg Kukies, mentioned that the European Union is well-positioned to negotiate with the US on tariffs. However, he warned that if fair solutions are not reached through talks, the EU will have to consider other response options.
The global markets reacted swiftly to the renewed trade tensions, with cryptocurrency prices declining on Friday. Bitcoin is currently trading at $81,537, with no significant change, while Ethereum is down over 2% at $1,549.
US stock futures are experiencing volatility following China’s tariff hike announcement. Dow futures, which briefly saw a 400-point increase, are now fluctuating, and S&P 500 and Nasdaq futures are struggling to maintain positive momentum.
As the trade war between the US and China intensifies, the impact on global markets and economies remains uncertain. The ongoing negotiations and responses from both sides will continue to shape the future of international trade relations.
