China announced retaliatory actions on Friday, increasing tariffs on US goods from 84% to 125%, with effect from Saturday.
Even as US President Donald Trump paused tariffs on other nations, the US and China have intensified their trade battle by increasing tariffs.
The entire amount of universal tariffs imposed by Mr. Trump on China is 145%. He did not mention a 20% tariff on China related to its involvement in the production of fentanyl when he declared on Wednesday that the country would be subject to 125% tariffs.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump said in his social media post. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” he wrote.
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China’s Commerce Ministry spokesman in a statement announcing the countermeasure said, “The US alternately raising abnormally high tariffs on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy.”
“However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”
China’s Commerce Ministry announced that it would be bringing a second action against the World Trade Organization against the increase in US tariffs.