China Hits Back At US With 125% Retaliatory Tariff As Trade War Escalates
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China on Friday announced countermeasures by raising tariffs on US goods from 84 per cent to 125 per cent starting Saturday.
China President Xi Jinping | Image/Reuters
China unveiled on Friday retaliatory tariffs of 125% on imports of US goods, matching the level imposed by US President Donald Trump on Chinese imports, reported AP.
China’s increased tariffs on US goods — rising from 84 per cent to 125 per cent — will take effect from April 12. However, Beijing has clarified that it does not intend to raise it further.
“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” said the Finance Ministry in a statement.