Latest news with #StateCouncilTariffCommission
Daily Tribune
12-04-2025
- Business
- Daily Tribune
China lifts tariffs on US goods to 125%
China said yesterday it would raise its tariffs on US goods to 125% in a further escalation of a trade war that threatens to bring exports to a halt between the world's two biggest economies. In a sign of investors' worries about the health of the US economy under President Trump's erratic stewardship, the dollar fell to a three-year low against the euro and by 1.3% against the yen. In Beijing, China's State Council Tariff Commission said new tariffs of 125% on US goods would take effect today, almost matching the staggering 145% level imposed on Chinese goods coming into America. A Commerce Minis - try spokesperson said the United States bore 'full responsibility for this', deriding Trump's tariffs as a 'numbers game' that 'will become a joke'.
Forbes
12-04-2025
- Business
- Forbes
China Raises US Tariffs To 125%—Xi Urges EU To Back Beijing's Pushback Against ‘Unilateral Bullying'
China raised its tariffs on all U.S. imports to 125% on Friday in retaliation against the Trump administration's latest escalation on Chinese levies, with President Xi Jinping urging the European Union to side with it in pushing back against President Donald Trump's move. China's President Xi Jinping and Spain's Prime Minister Pedro Sanchez arrive to a bilateral meeting ... More at Diaoyutai Guest House in Beijing. Beijing's State Council Tariff Commission announced it was raising its tariffs on all U.S. imports from 84% to 125% as a tit-for-tat response against Trump's decision to raise tariffs on China to the same level on Wednesday. Chinese officials signaled they do not plan to respond to any further escalations in the tariff rate by the U.S., saying 'if the US continues to play the numbers game of tariffs, China will ignore it.' Chinese President Xi Jinping publicly commented on the escalating trade clash for the first time while meeting Spanish Prime Minister Pedro Sanchez in Beijing, saying 'there is no winner in a tariff war,' and adding going against the world would only lead to isolation, state-controlled Xinhua News Agency reported. Xi also urged the European Union to side with Beijing and jointly 'oppose unilateral bullying practices.' Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here. Trump signed an executive order Thursday to implement his decision to impose a 125% reciprocal tariff against all Chinese imports in response to Beijing's decision to match the president's earlier hike to 84%. Trump's hike, which he announced Wednesday, came as he also announced a 90-day pause on broader 'reciprocal tariffs' against other nations announced last week. The White House later confirmed the total levy on goods from China will stand at 145% as it includes the 125% and an additional 20% that was put in place previously. The Trump administration said the earlier 20% tariff was because of China's alleged role in the fentanyl crisis. In a statement to the press, a Chinese Commerce Ministry spokesperson said the repeated escalation of the 'abnormally high tariffs on China' have turned into a 'numbers game' with 'no practical economic significance.' The ministry said any further increases will 'expose the US's use of tariffs as an instrument and weapon to bully and coerce, and become a joke.' While Beijing plans to 'ignore' any further tariff increases, it warned any U.S. actions that substantially infringe on China's rights and interests,' will be 'resolutely' countered and China will 'fight to the end.' Speaking to reporters during the Chinese Foreign Ministry's daily press conference Friday, spokesperson Lin Jian said China does not want to fight a tariff war but is not afraid of a confrontation. 'If the United States really wants to solve the problem through dialogue and negotiation, it should stop exerting extreme pressure and acting recklessly,' Lin said. He then added that no compromise or concession can be made in the face of 'U.S. bullying and hegemony.' During a cabinet meeting on Wednesday Trump told reporters that he hopes Chinese President Xi Jinping will ultimately negotiate a deal on tariffs. 'I think President Xi is a very smart guy, and I think we'll end up making a very good deal for both [countries],' the president said. 'China wants to make a deal. They just don't know how quite to go about it. You know, it's one of those things they don't know quite – they're proud people.' Trump Announces 90-Day Pause On Hefty Tariffs — Though 10% Levies Will Remain (Forbes) Trump's Tariffs On China Are Now At Least 145%, White House Confirms—Higher Than He Previously Claimed (Forbes)
Gulf Today
11-04-2025
- Business
- Gulf Today
China lifts tariffs on US goods to 125% as trade war escalates
China said on Friday it would raise its tariffs on US goods to 125 per cent in a further escalation of a trade war that threatens to bring exports to a halt between the world's two biggest economies. Beijing's retaliation sparked fresh market volatility, with stocks seesawing, gold prices surging and US government bonds under pressure. In a message on social media on Friday morning, US President Donald Trump continued to insist that 'we are doing really well on our tariff policy.' 'Very exciting for America, and the World!!! It is moving along quickly,' he wrote. But in a sign of investors' worries about the health of the US economy under Trump's erratic stewardship, the dollar fell to a three-year low against the euro. In Beijing, China's State Council Tariff Commission said new tariffs of 125 per cent on US goods would take effect Saturday, almost matching the staggering 145 per cent level imposed on Chinese goods coming into America. A Commerce Ministry spokesperson said the United States bore 'full responsibility for this', deriding Trump's tariffs as a 'numbers game' that 'will become a joke'. The Chinese finance ministry said tariffs would not go any higher because 'there is no possibility of market acceptance for US goods exported to China' − an acknowledgement that almost no imports are possible at the new level. Economists warn that the disruption in trade between the tightly integrated US and Chinese economies threatens businesses, will increase prices for consumers, and could cause a global recession. Ipek Ozkardeskaya, an analyst at the Swissquote bank, said the tariff figures were 'so high that they don't make sense any more.' 'For China though − it's clear they're now ready to go as far as needed, having given up short-term gains for long-term relief,' she told AFP. 'Beautiful thing': Trump sent global financial markets into a tailspin by announcing historic tariffs on America's trading partners on April 2, including a 10-percent baseline for all goods coming into the United States. After days of plunging markets, on Wednesday he froze the higher tariff rates of 20 per cent or more imposed on allies such as the European Union or Japan, but kept an additional rate of 34 per cent on China. Beijing has since retaliated, leading to tit-for-tat increases over the past few days that culminated in Friday's latest move. Trump insisted Thursday he was looking to do a deal with Chinese President Xi Jinping. 'He's been a friend of mine for a long period of time. I think that we'll end up working out something that's very good for both countries,' he told reporters. During talks with Spain's Prime Minister Pedro Sanchez on Friday, state media quoted Xi as saying Friday that China and the EU should team up on trade. 'China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices,' Xi said. Top EU officials and Chinese leaders are set to hold their next summit marking 50 years of ties in China in July, a spokesperson for the European Council announced Friday. European response: Europe is still weighing up its response. EU trade chief Maros Sefcovic is set to hold talks with his US counterparts in Washington on Monday, his spokeswoman said. Trump described the European Union as 'very smart' for refraining from retaliatory levies. But the 27-nation bloc's chief Ursula von der Leyen told the Financial Times on Friday that it remained armed with a 'wide range of countermeasures' if negotiations with Trump hit the skids. 'An example is you could put a levy on the advertising revenues of digital services' applying across the bloc, which would hit US tech companies, she said. The European Central Bank sought to soothe markets on Friday, saying it was ready to act should Trump's tariff blitz threaten financial stability in the eurozone. The ECB 'is always ready to use the instruments that it has available', ECB chief Christine Lagarde said in Warsaw. Markets: On Wall Street, shares opened lower but rose shortly thereafter as investors scrambled to understand the impact of the latest announcements. European markets opened higher only to fall after China's retaliation and paring down losses later in the day. In Asia, with Tokyo closed three per cent lower while Sydney, Seoul, Singapore and others also sagged. Gold, a haven in times of uncertainty, hit a new record above $3,200 while investors spooked by Trump's policies dumped normally rock-solid US Treasuries. Some traders speculated that China was offloading some of its vast holdings − which increase the cost of borrowing for the US government − in retaliation for Trump's measures. Major stock indexes edged up in volatile trading, the US dollar eased and gold prices hit another record high on Friday as China increased its tariffs on US imports and a brutal week of market swings drew to a close. Agencies
Sharjah 24
11-04-2025
- Business
- Sharjah 24
China raises tariffs on US goods to 125% in escalating trade war
Market reactions and US response Beijing's announcement triggered market volatility—stocks fluctuated, gold prices soared, and U.S. government bonds came under pressure. Despite market concerns, President Donald Trump downplayed the situation, calling the tariff strategy "exciting for America and the world" on social media. However, investor confidence faltered, with the U.S. dollar falling to a three-year low against the euro, signaling unease about the country's economic outlook under Trump's trade policies. China blames US, signals limits China's State Council Tariff Commission confirmed the new tariffs would take effect Saturday, nearly matching the 145% rate the U.S. imposed on Chinese imports. A Commerce Ministry spokesperson said the U.S. bore full responsibility, describing Trump's policy as a "numbers game" that "will become a joke." China also acknowledged that further tariff increases were impractical, admitting U.S. goods are now virtually unsellable in the Chinese market. Economic concerns mount Economists warn the escalating trade war could severely damage both economies and trigger a global recession. Swissquote Bank analyst Ipek Ozkardeskaya remarked that the tariffs were "so high they don't make sense anymore," suggesting China is prioritizing long-term relief over short-term economic gains. Trump's tariff policy and ongoing talks Trump began this wave of tariffs on April 2 with a 10% baseline on all imports. After briefly easing tariffs on US allies like the EU and Japan, he maintained a 34% tariff on China, prompting Beijing's retaliation. Despite the sharp escalation, Trump expressed hope for a deal with Chinese President Xi Jinping, calling him a long-time friend and saying a "very good" agreement could still be reached. China and EU seek cooperation In talks with Spain's Prime Minister Pedro Sanchez, President Xi Jinping suggested that China and the EU should collaborate to resist unilateral trade tactics. A China-EU summit marking 50 years of diplomatic ties is scheduled for July. EU's potential response While Europe has yet to retaliate, EU trade chief Maros Sefcovic is planning talks in Washington. EU Commission President Ursula von der Leyen confirmed the bloc has a 'wide range of countermeasures' ready if negotiations falter, including a possible digital services tax targeting U.S. tech firms. Meanwhile, ECB President Christine Lagarde reassured markets that the bank stands ready to act if needed to protect eurozone financial stability. Global market reactions Wall Street saw a mixed day—stocks opened lower but later recovered. European and Asian markets dropped after China's announcement, with Tokyo down 3%, and other Asian indices following suit. Safe-haven asset gold surged above $3,200, while U.S. Treasuries weakened, possibly due to speculation that China may be selling off its U.S. debt holdings in retaliation.
Al Jazeera
11-04-2025
- Business
- Al Jazeera
China raises stakes in Trump's tariffs ‘game' with 125% levy on US goods
China has announced it would raise tariffs on all United States goods to 125 percent, further deepening a trade war between the world's two largest economies. 'The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense,' Beijing's State Council Tariff Commission said in a statement announcing the retaliatory tariffs on Friday. The new levy will take effect on Saturday, the statement said. China and the US have been engaged in a tit-for-tat tariff war, with US President Donald Trump imposing more tariffs on Beijing earlier this week, even as he put a pause on tariffs for other nations after US markets reacted negatively to the decision. Trump's universal tariffs on China now total 145 percent. When he announced on Wednesday that China faced 125 percent tariffs, he did not include a 20 percent tariff on China tied to its role in fentanyl production. Meanwhile, China's Ministry of Commerce has announced it was filing a new lawsuit with the World Trade Organization (WTO) challenging the US tariffs, adding that the US is to blame for the global economic 'turbulence' unleashed by Trump. Washington's levies '(caused) the current world economy, global markets and multilateral trading systems to suffer serious shocks and severe turbulence', a ministry spokesperson said. 'The US should bear full responsibility for this.' The ministry urged the US to 'take a big step forward in eliminating the so-called 'reciprocal tariffs' and completely correct its wrongful practices'. 'The US alternately raising abnormally high tariffs on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy,' a spokesman said. 'However, if the US insists on continuing to substantially infringe on China's interests, China will resolutely counter and fight to the end,' the spokesman added. Al Jazeera's Katrina Yu, reporting from Beijing, described the statements from Chinese officials as 'pretty strong'. But our correspondent also pointed out that Beijing is offering an 'off-ramp' for a dialogue with Trump, noting that China 'continues to be open to consultation'. 'However, threats and pressure are not the way. So China is saying it does have a door open,' she said. 'But it does seem that as long as the Trump administration continues to impose these high tariffs, which Beijing perceives as coercion, then that is a non-starter for a true dialogue and a possibility of a true deal.' Karl Widerquist, a professor at Georgetown University in Qatar, told Al Jazeera that he expects the trade war between China and the US to quickly drive inflation up. He explained that US consumers may already be rushing to buy goods even before the tariffs take effect, thus driving up demand and resulting in retailers raising prices.
