China is proving determined not to back down and go "all the way" in the trade war that has erupted with the US, following the tariffs announced by US President Trump. After the US tariffs on Chinese products exported to the US, Beijing is responding today with tariffs of 84% on US products!
HDN Newsroom
With retaliatory tariffs of 84% on imported American products — up from the previously announced 34% — China is responding to President Trump’s announcements yesterday, as revealed today by the Chinese Ministry of Foreign Affairs.
China's State Council Information Office today, Wednesday, published a "White Paper" titled "China's Position on Certain Issues Concerning China-US Economic and Trade Relations".
The Chinese government issued the document in order to clarify the facts about China-US economic and trade relations and detail its position on relevant issues, the Chinese news agency reported.
The document is released amid growing unilateralism and protectionism on the part of the United States, phenomena that have seriously hampered normal economic and trade cooperation between the two countries, it said.
Since the start of trade tensions in 2018, the US has imposed tariffs on more than $500 billion worth of Chinese exports and has continuously implemented policies aimed at restraining and suppressing China. Recently, the US imposed additional global tariffs on Chinese products, including tariffs under the guise of the fentanyl issue,so-called "retaliatory tariffs",and an additional 50% on top of existing tariffs.
These measures - which reveal the isolationist and coercive nature of the US stance - run counter to the principles of market economy and multilateralism and, as noted in the White Paper, will have a serious impact on Sino-US economic and trade relations.
In response to the US moves, China has taken strong countermeasures to defend its national interests.At the same time, it remains committed to resolving disputes through dialogue and consultation, with multiple rounds of talks with the US side to stabilize bilateral economic and trade relations, the document said.
The Chinese side stresses that China-US economic and trade relations are mutually beneficial and based on win-win relations.
The additional 84% tariffs on US imports announced by Beijing will come into effect from tomorrow, April 10.
