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China places additional 84 percent tariff on US products
(MENAFN) China has announced an additional 50% tariff on American goods, bringing the total tariff on US imports to 84%. This move follows US President Donald Trump's decision to raise tariffs on all Chinese imports to 104% earlier this week. The new tariff, effective Thursday at noon, is on top of the previously imposed 34% tariff.
In a statement, China's Finance Ministry criticized the US decision, calling it a "mistake on top of a mistake," and arguing that it infringes on China’s legitimate rights while undermining the multilateral trading system. China also filed a formal complaint with the World Trade Organization against the US and added six American companies to its “unreliable entity” list. Furthermore, 12 US businesses were subjected to export controls, restricting Chinese companies from supplying them with dual-use items.
The Ministry of Commerce vowed to continue fighting the trade war “to the end,” emphasizing its commitment to defending its interests. It also called on the US to correct its actions, remove unilateral tariffs, and engage in fair dialogue.
Trump's tariff actions, which began in March with a 20% tariff and later expanded to a total of 104%, have caused global market turbulence, wiping out nearly $10 trillion in value. Despite the market impact, Trump has defended the tariffs, asserting that they are necessary to address trade abuses and support domestic manufacturing.
In a statement, China's Finance Ministry criticized the US decision, calling it a "mistake on top of a mistake," and arguing that it infringes on China’s legitimate rights while undermining the multilateral trading system. China also filed a formal complaint with the World Trade Organization against the US and added six American companies to its “unreliable entity” list. Furthermore, 12 US businesses were subjected to export controls, restricting Chinese companies from supplying them with dual-use items.
The Ministry of Commerce vowed to continue fighting the trade war “to the end,” emphasizing its commitment to defending its interests. It also called on the US to correct its actions, remove unilateral tariffs, and engage in fair dialogue.
Trump's tariff actions, which began in March with a 20% tariff and later expanded to a total of 104%, have caused global market turbulence, wiping out nearly $10 trillion in value. Despite the market impact, Trump has defended the tariffs, asserting that they are necessary to address trade abuses and support domestic manufacturing.
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