China called the demand to cancel the retaliatory tariffs “blackmail” and vowed to “fight to the end” if the US persists in imposing additional tariffs.
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China has said it will take countermeasures if the US does not make concessions on tariffs. Photo: Reuters . |
On April 7, China’s Ministry of Commerce strongly opposed US President Donald Trump ‘s announcement of increasing import tariffs on Chinese goods, according to CNBC.
Beijing affirmed that it will take countermeasures to protect its legitimate rights and interests.
The response came after Mr. Trump warned that he would impose an additional 50% tax on imported goods from China if Beijing did not withdraw its retaliatory tariffs.
“If China does not withdraw the additional 34% Tariffs on top of their longstanding trade abuses by April 8, the United States will impose an additional 50% Tariff on China, effective April 9,” Trump wrote on Truth Social.
The US President also said he would end all negotiations that China was demanding, and at the same time speed up trade negotiations with other countries.
China called Trump’s threat “blackmail” and stressed that Washington was exacerbating tensions instead of seeking solutions, according to Reuters.
“The US threat to escalate tariffs is a mistake after mistake. China will never accept it. If the US insists on doing things its way, China will fight to the end,” Beijing said.
If the additional 50% tax rate that Mr. Trump just announced comes into effect, Chinese goods entering the US will be subject to a total tax rate of up to 104%.
This escalation has many economists questioning the real effectiveness of the current tariff policy. If neither side is willing to make concessions, global financial markets could face the most severe decline since the pandemic.
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