Beijing will impose 125 per cent tariffs on US goods from Saturday, up from the 84 per cent previously announced, news agency Reuters quoted the Chinese finance ministry said on Friday. This comes a day after the Trump administration decided to pause tariffs for 90 days on many countries, but hit China with a 145 percent tariff amid the ongoing trade wars.
“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement, as per Reuters.
Earlier this week, the White House kept the pressure on the world’s No.2 economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having paused most of the “reciprocal” duties imposed on dozens of other countries.
The statement further said that China is urging the US to “take a big step forward in eliminating the so-called ‘reciprocal tariffs’ and completely correct its wrongful practices.”
As of now, China is the only country to retaliate against Trump’s reciprocal tariffs.
Further, China’s mission to the World Trade Organisation said on Friday that it has filed an additional complaint with the trade body against the US tariffs.
“On 10 April, the United States issued the Executive Order, announcing a further increase of the so-called ‘reciprocal tariff’ on Chinese products. China filed a WTO complaint against United States’ latest tariff measures,” the statement from China’s mission said, citing a ministry of commerce spokesperson.
(With inputs from Reuters)
© IE Online Media Services Pvt Ltd
