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Bloomberg Quint
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China To Take Resolute Countermeasures Against US Reciprocal Tariffs
- China is set to take resolute countermeasures against the US reciprocal tariffs imposed by President Donald Trump, urging Washington to cancel the duties immediately.
- Trump announced a 34% tariff on Chinese imports as part of efforts to reshape American trade policy, leading to China opposing the 'reciprocal tariffs' imposed by the US.
- China plans to safeguard its rights and interests by adopting countermeasures against the tariffs, emphasizing that increasing tariffs does not solve US problems and harms global economic development.
- The spokesperson highlighted that there are no winners in a trade war, and protectionism is not the solution, urging for equal dialogue to resolve differences with trading partners.
- Following Trump's announcement, China retaliated by increasing tariffs on American goods and taking legal action against the US in the World Trade Organisation.
- The tariffs imposed bring the total levies on China to 54%, with the US being the third biggest export destination for China after ASEAN and the European Union.
- Trump's move aims to pressure China to buy more US industrial and agricultural products, with the new tariffs reflecting a 10% universal baseline plus an additional 24% specific to China.
- The new tariffs are scheduled to go into effect on April 5 and April 9, as part of Trump's efforts to address what he considers years of unfair trade benefiting other countries at the expense of the US.
- Trump described his actions on China as tough love, citing that China had been taking advantage in trade, while emphasizing respect for President Xi Jinping and China.
- With trade tensions escalating between the US and China, the impact of the tariffs on both countries' economies remains a key concern, with potential repercussions on industries and global trade relations.
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