China's Ministry of Foreign Affairs dismissed President Trump's tariff threats. This follows the White House suggesting Chinese exports could face duties up to 245 percent.
The White House released a fact sheet detailing the tariff rates earlier this week. It included Trump's recent 125 percent tariff and a prior 20 percent tariff. These were imposed due to alleged failures to curb fentanyl exports to the US.
Potential duties of 7.5 percent to 100 percent could also be imposed. These stem from national security reviews under the Trade Act of 1974.
China's tariffs on US goods are at 125 percent. Beijing has also implemented non-tariff measures, such as limiting Hollywood film releases.
The World Trade Organization projects a 0.2 percent decline in global trade volume for 2025. This is under current conditions, nearly three percentage points lower than a low-tariff scenario.
The UN's Trade and Development office revised its global growth forecast downwards to 2.3 percent for 2025. Growth below 2.5 percent often indicates a global recession.