The White House announced on Thursday that the United States has escalated its tariff on Chinese imports to 145 per cent further igniting the trade war between the two countries.
China earlier retaliated with tariffs on US goods of 84 per cent, which took effect Thursday. They refused to seek talks, saying it would “fight to the end” in a tariff war.
The White House announced on Thursday that the United States has escalated its tariff on Chinese imports to 145 per cent further igniting the trade war between the two countries.
It was initially announced on Wednesday as 125 per cent, but that did not include a 20 per cent tariff on China tied to its role in fentanyl production.
China earlier retaliated with tariffs on US goods of 84 per cent, which took effect Thursday. They refused to seek talks, saying it would “fight to the end” in a tariff war.
Trump's move on reciprocal tariffs led to an unprecedented trade war between the US and most of the world and then a showdown between the US and China.
Trump on Wednesday backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions after the world stock market came crashing down over the weekend and on Monday.
“A just cause receives support from many,” Foreign Ministry spokesperson Lin Jian said at a daily briefing on Thursday. “The U.S. cannot win the support of the people and will end in failure.”
China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.”
“China is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,” the official Xinhua News Agency reported.
(With AP inputs)