China has raised tariffs on US goods from 84% to 125% that will take effect from Friday, Chinese media reported on Friday, citing the Chinese Ministry of Finance.
On Thursday, the US hiked tariffs on Chinese goods to 145%.
China’s Finance Ministry said there is “no longer any possibility of market acceptance” of US goods exported to the country under the current tariffs.
“If the US side subsequently continues to impose tariffs on Chinese goods exported to the United States, the Chinese side will pay no attention to it,” it said in a statement.
In addition, following the latest US tariff hike, Beijing filed a new lawsuit against Washington at the World Trade Organisation (WTO), Chinese TV channel CGTN reported, citing the country’s Ministry of Commerce.
China had previously filed a complaint with the WTO after US President Donald Trump raised tariffs on Chinese goods from 104% to 125% on April 9. The Republican announced that the new conditions take effect immediately. At the same time, the White House clarified that the final tariff rate will be 145%, as tariffs of 20% were imposed earlier.
Trump explained the decision to raise the tariffs with “disrespect that China shows to world markets.” Beijing retaliated against Washington by raising the rates on all goods imported from the US from 34% to 84%, and before that limited exports of rare earth elements, which are used in the production of high-tech goods.
On April 2, the American president announced import tariffs from 10 to 50% for 211 countries and territories, including the largest US trading partners. Global markets reacted negatively to the surcharges.
According to Trump, more than 75 countries have already asked him to reconsider decisions on tariffs and trade barriers. Several billionaire Trump supporters, including entrepreneur Elon Musk, have criticised the imposed US tariffs.
On April 9, Trump suspended the increased import tariffs for all countries except China for 90 days. The postponement will also not affect Canada and Mexico. According to Trump, he did not want to “hurt countries that don’t need to be hurt and want to negotiate.”
