Trump’s massive 104% tariff sparks ‘bullying’ response from China as market plunges
China has hit back at Donald Trump’s “bullying practices” after the US president imposed 104% tariffs – as the global markets plunged into disarray. Trump has raised the risk of a recession by declaring a trade war on the rest of the world as his latest round of tariffs went into full effect at midnight. Trump last week announced a tariff of 34% on Beijing which would come on top of 20% levies he imposed on the country earlier this year.
He has since added a 50% levy on Chinese goods in response to Beijing’s recently promised retaliation bringing the combined total to an eye-watering 104% against China. There are fears it will increase prices for American consumers and prompt China to seek deeper relationships with other trading partners, including the European Union.
China, the world’s second-largest economy, has now hit back at the US president “The U.S. continues to abuse tariffs to pressure China, China firmly opposes this and will never accept this kind of bullying,” Chinese foreign ministry spokesperson Lin Jian told a news conference. He said if Trump wants to solve the problem through dialogue and negotiation, it should adopt an attitude of “equality, respect and mutual benefit.” However, if Trump “insists” on provoking a trade war, “China will be compelled to fight to the end”, Jian added.
China previously saying they would take countermeasures against the US to safeguard its own interests following the tariff hikes. The Commerce Ministry said yesterday the US‘s demand of “so-called ‘reciprocal tariffs’” on China is “completely groundless and is a typical unilateral bullying practice.”
“The countermeasures China has taken are aimed at safeguarding its sovereignty, security and development interests, and maintaining the normal international trade order. They are completely legitimate,” the ministry said. “The US threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the blackmailing nature of the U.S. China will never accept this. If the U.S. insists on its own way, China will fight to the end,” it added.
Meanwhile, Trump also imposed a tax of 47% on imports from Madagascar, 46% on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union. Canada says it’s implementing retaliatory tariffs of its own just following Trump’s tariffs.
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Canada will put a 25% tariff on auto imports from the United States that do not comply with the USMCA, the 2019 North American trade pact put into place during Trump’s first term. The Canadian government is also putting in a framework to bolster auto production and investment in its country as well as providing a special exception on tariff countermeasures for residents of Campobello Island, New Brunswick.
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