On Wednesday, the United States is set to impose additional tariffs, reaching 104%, on Chinese imports, escalating trade tensions between the two nations. The move comes after Beijing vowed to retaliate against further levies.
US President Donald Trump had previously warned of a 50% tariff increase if China did not withdraw its planned retaliation. The White House has confirmed that Trump will proceed with this action, bringing the total additional duties this year to 104%.
The US believes that China needs to negotiate a deal with the United States regarding these tariffs. According to White House press secretary Karoline Leavitt, "The Chinese want to make a deal. They just don't know how to do it...If China reaches out, Trump would be 'incredibly gracious, but he's going to do what's best for the American people.'"
In response, China's commerce ministry stated that it would take resolute countermeasures to protect its rights and interests should the US escalate its tariff measures. A spokesperson for the ministry described the US actions as "groundless" and "a typical practice of unilateral bullying." The spokesperson added, "China will fight till the end if the US side is bent on going down the wrong path."
China urges the United States to immediately correct its wrongdoings, cancel all unilateral tariff measures against China, stop its economic and trade suppression, and settle differences with China properly through equal-footed dialogue on the basis of mutual respect.
The imposition of these tariffs is expected to have a significant impact on global trade, potentially leading to increased costs for consumers and businesses worldwide. The situation warrants close monitoring as the trade dispute unfolds.