Chinese authorities announced that the decision to increase tariffs on American goods will take effect on April 10
China announced on Wednesday that it will raise its reciprocal tariffs on American goods to increase from 34 percent to 84 percent, deepening the trade war between the world's two largest economies.
Chinese authorities announced that the decision to increase tariffs on American goods will take effect on April 10.
The decision comes in response to the latest US increase in tariffs on Chinese goods to as much as 104 percent that took effect on April 9.
A new escalation in tariffs threatens to completely halt trade between the world's two most important economies.
The Trump administration announced a sweeping new tariff policy last week and warned other countries not to retaliate.
Some countries, including Japan, appeared willing to negotiate tariffs, but China appeared to be taking a harder line.
After China's first response to the tariffs was announced on April 2, Trump announced an additional 50 percent increase, bringing the total level of tariffs on Chinese goods to 104 percent.
China will not accept bullying
"The United States continues to impose tariffs and exert maximum pressure on China, which China firmly opposes, but will never accept such mistreatment," Chinese Foreign Ministry spokesman Lin Jian said.
Commenting on the US announcement that it will introduce tariffs of 104 percent on Chinese goods, he said that the Chinese people's legitimate right to development cannot be taken away, and that China's sovereignty, security and development interests are inviolable, reports Hsinhua.
"China will continue to take decisive and strong measures to protect its legitimate rights and interests. If the United States really wants to solve the problem through dialogue and negotiation, it should show an attitude of equality, respect and reciprocity," Lin added.
He announced China's readiness to fight in the tariff and trade war.
"If the United States is determined to wage a tariff or trade war, China is ready to fight to the end," said a Chinese foreign ministry spokesman.
Source: CNBC
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