China Announces Raising Tariffs on US to 125%
China had raised retaliatory tariffs on US imports from 84% to 125%, according to Customs Tariff Commission of the State Council.
China indicated on Friday that it would not increase its tariffs on US goods beyond the current 125%, according to a statement from a spokesperson for the Ministry of Commerce.
The spokesperson explained: "The United States' successive imposition of excessively high tariffs on China has become a mere numbers game, with no real economic significance. It only reveals the United States' practice of weaponizing tariffs as a tool of bullying and coercion, turning itself into a joke."
He continued: "If the United States insists on continuing this numbers game with tariffs, China will not engage. However, if the United States continues to seriously harm China's interests, China will resolutely take countermeasures and fight to the end."
Chinese President Xi Jinping addressed the escalating trade conflict with the United States on Friday, saying his country is "not afraid," in his first public comments on the issue, according to state broadcaster CCTV.
The Chinese channel quoted Xi Jinping as asserting that "there is no winner in a tariff war, and that opposition from the world will only lead to self-isolation."
He added, "For more than 70 years, China's development has been self-reliant and hard-working—never dependent on others' gifts, never fearing any unjust oppression. No matter how the external environment changes, China will remain confident, and focused on managing its own affairs efficiently."
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