China announced on Friday that it would increase the revenue on US goods from 84 % to 125 %. It is the latest salvo in the growing trade war between the world's two largest economies, which has shaken markets and has raised global slowdown.
While US President Donald Trump stopped import taxes for other countries this week, he raised prices China And now they are 145 % of the total. China has condemned this policy as a “economic bullying” and promised to fight.
On Saturday, new rates begin.
A spokesman for the Chinese Ministry of Finance announced in a statement announcing new taxes that Washington's repeated rates would “become a joke in the history of the global economy.”
“However, if the United States insists on violating China's interests, China will fully fight and end it.”
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The Chinese Ministry of Commerce said it would file another case with the World Trade Organization against US taxes.
Once again, Trump's extraordinary measures have put a danger in stock and bond markets, and some have been warned that the United States can be attracted to recession.
When Trump stopped revenue for most countries, there was some relief – but concerns remain because the United States and China are the world's first and number two economies, respectively.
The head of the WTO, Nagozi Okonjo-Ivila, said earlier this week that the trade war between the United States and China “could severely damage the global economic approach.”
Chinese prices will affect goods such as soybeans, airplanes and their parts and drugs. All of them are among the major imports of the United States.
Beijing, meanwhile, has more export control over major ground minerals for various US companies suspended by some US companies, and major ground minerals for various technologies.
In the meantime high imports from China include electronics, such as computers and cell phones, industrial equipment and toys.
Trump announced on Wednesday that China would face 125 % of revenue, but did not include 20 % tariffs on China, which is linked to its role in fantasy production.
White House officials hope that import tax will bring back production in the United States and create more manufacturing jobs. It is a politically dangerous trade that can take years to meet, if not at all.
And copy 2025 Press of Canada