(Image source from: Nbcnews.com)
On Friday, China announced an increase in tariffs on American products, elevating them from 84 percent to 125 percent. This declaration followed President Xi Jinping's call for the European Union to collaborate with China in opposing what he termed "unilateral bullying," a reference to the substantial tariffs implemented by President Donald Trump. The new tariff measure, scheduled to take effect on Saturday, comes in response to Trump's recent rise in tariffs on Chinese goods to 145 percent, heightening tensions in the ongoing trade conflict between the two leading global economies. The State Council Tariff Commission of Beijing stated that the United States' imposition of excessively high tariffs on China is a serious infringement of international trade regulations, fundamental economic principles, and common sense. Furthermore, China indicated that it would "disregard" any additional tariff increases from President Trump, asserting that such American goods would no longer be economically viable for importers in China. Beijing emphasized that the United States "should bear full responsibility" for the global economic "turmoil" instigated by Trump’s tariffs.
A spokesperson from China’s Commerce Ministry remarked that Washington's tariffs have subjected the global economy, international markets, and multilateral trading systems to significant shocks and serious instability. Additionally, Beijing noted that Trump’s decision to pause tariffs on other nations was partly influenced by "pressure from China." Earlier in the week, the US President had announced a 90-day freeze on extensive tariffs affecting all nations except China, citing a "lack of respect" from Beijing as the reason for increasing tariffs on imports from China. A previous series of US tariffs took effect earlier on Wednesday, raising duties on Chinese goods to 104 percent. In retaliation, China escalated its tariffs on US imports from 34 percent to 84 percent, with this change effective from Thursday.
In Beijing on Friday, Xi Jinping met with Spanish Prime Minister Pedro Sanchez and reiterated that tariff wars yield "no winners." According to reports from the state-run Xinhua news agency, Xi cautioned the European Union on the importance of cooperating with China to navigate the worsening trade dispute with the United States. He stated, "China and Europe should fulfill their international responsibilities and jointly resist unilateral bullying practices," emphasizing that this would not only protect legitimate rights and interests but also uphold international fairness and justice. The intensification of the trade conflict between the US and China comes shortly after President Trump praised Xi, calling him a "smart man."
“I believe President Xi clearly understands what needs to be accomplished. He’s an intelligent individual who deeply cares for his country; I can assert that with certainty as I know him quite well,” Trump commented to reporters at the White House this week. “I think he’s inclined to strike a deal. I foresee that it will happen. We will receive a call when the time is right, and everything will be in place,” he continued. “This is going to be a significant development for us, for the world, and for humanity,” Trump remarked.
