**Bangkok**: In a dramatic move, China increases tariffs on American goods to 84% in response to US tariffs, amid heightened trade tensions. The announcement follows a series of reciprocal tariffs, raising concerns over the impact on global economic relations and industries reliant on trade between the two powers.
In a significant escalation of the ongoing trade conflict between the United States and China, Beijing has implemented a steep increase in tariffs on American goods, raising rates to a striking 84%. This move follows last week’s announcement wherein China had already instituted a 34% tariff on all imports from the U.S. The Chinese government’s actions are viewed as a direct response to tariffs imposed by President Donald Trump, which had reached 104% on Chinese exports entering the U.S.
The developments unfolded in Bangkok, where China’s Ministry of Commerce issued a policy statement asserting the nation’s resolve to “fight to the end” against the tariffs instigated by the Trump administration. The white paper provided by the Ministry did not specify whether the Chinese government would seek negotiations with the U.S., contrasting with the approaches taken by several other countries engaged in trade disputes with Washington.
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the statement declared. This rhetoric indicates a long-term commitment from China to challenge what it perceives as unfair trade practices from the United States.
The new tariffs come after significant actions taken by both nations. Last Friday, in a move labelled by Trump as “Liberation Day,” additional tariffs of 50% were levied on Chinese goods, signifying that the talks aimed at resolving ongoing trade tensions had reached an impasse. In conjunction with the tariffs, China also implemented export controls on rare earth minerals, vital for various high-tech industries, as part of its response strategy.
These recent developments underline the deepening trade rift between the two largest economies in the world, as they navigate an increasingly complex landscape of economic relations. The ramifications of these tariff increases could impact industries and consumers in both countries, as trade flows and market dynamics are challenged by heightened conflict.
Source: Noah Wire Services
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