7 hours agoChina urges US to lift tariffs immediately, vows revenge
Periskopi(a year ago)
(a year ago)China urged the United States on Thursday to immediately cancel its latest tariffs and pledged countermatures to protect its interests, as President Donald Trump declared comprehensive fees on American business partners worldwide. The US move ignores balance of interests achieved in multilateral trade negotiations [...]
The US move ignores the balance of interests achieved in multilateral trade negotiations over the years and the fact that it has long benefited from international trade, China's Ministry of Commerce said in a statement, broadcasts Periscope.
“Kina strongly opposes this and will take countermatures to protect its rights and interests,” said the ministry, while the world's largest economies seem to be getting deeper into a trade war that stands to overturn global supply chains.
Trump announced on Wednesday that China would be hit with a 34% fee, at the top of the 20% it decided earlier this year, bringing the total of new taxes to 54% and close to the 60% figure it had threatened during the campaign.
Chinese exporters, such as those from other economies around the world, will face a 10% base fee as part of the new 34% tax, for almost all goods sent to the world's largest consumer economy from Saturday before the remaining <x0 mutual tariffs” take effect from April 9th.
The average US market for Chinese goods will be 76%, according to Chad Brown, senior associate at the Peterson Institute for International Economics and Chief Economist at the State Department for the Last Year of the Biden Administration.
Trump also signed an executive order closing a trade gap known as” de minimis” that has allowed low-value packages from China and Hong Kong to enter the US without taxes.
