China Warns of Retaliation as US Imposes New Trade Tariffs
In response to US President Donald Trump’s announcement of increased tariffs on trade partners, China has issued a stern warning that it will take necessary actions to protect its interests.
In response to US President Donald Trump announcement of increased tariffs on trade partners, China has issued a stern warning that it will take necessary actions to protect its interests. Trump’s recent tariff decisions, which include a significant increase in tariffs on China, have escalated tensions in the ongoing trade war between the two nations.
US to Impose Additional Tariffs on China
On Wednesday, President Trump revealed plans to impose a 34% tariff on Chinese goods, stacking on top of the 20% tariffs already levied earlier this year. With the new move, the total tariffs imposed on China by the US have now surged to a staggering 54%. The announcement comes as part of Trump’s aggressive trade strategy ahead of the upcoming US elections, with some reports hinting at a potential 60% tariff on Chinese goods in the future.
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China’s Response: Protecting National Interests
China’s Commerce Ministry swiftly responded, expressing disappointment over the US’s stance. In a statement, the ministry emphasized that the US had ignored the positive results of bilateral trade negotiations that have taken place over the years and the long-standing benefits the country has gained from international trade. China reiterated that it would “strongly oppose” the US’s actions and warned that it would retaliate to safeguard its rights and economic interests.
The Risk of Trade War and Global Supply Chain Disruption
China cautioned that the trade war between the world’s two largest economies could lead to severe disruptions in global supply chains, affecting not only China but also the international economy at large. The potential consequences of these escalating tariffs could ripple through industries worldwide, affecting production, distribution, and prices.
Trump Revokes Trade Policy for ‘Duty-Free’ Goods
Additionally, President Trump signed an executive order that revokes a trade policy allowing low-value ‘duty-free’ goods from China and Hong Kong to enter the United States. This move is expected to further strain US-China relations and raise concerns about the broader implications for global trade.
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As the trade dispute continues to unfold, businesses and analysts around the world are bracing for further developments, hoping for a resolution to the escalating tensions between the two economic giants.
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