China is set to raise tariffs on American goods to 125 percent from 84 percent in retaliation to the US’s abnormally high taxes on all Chinese exports. President Xi Jinping warned the Trump administration that tariffs will only isolate the US from the international community. He said there is no winter in the tariff war.
Jinping highlighted that China’s development has always relied on self-reliance and hard work. The Chinese President said Beijing has never been afraid of any unreasonable suppression. “No matter how the external environment changes, China will have firm confidence, maintain determination, and concentrate on doing its things well,” Xinhua News Agency quoted him saying.
The Customs Tariff Commission of the State Council, China’s cabinet said if Washington persists with its tariff number games, Beijing will simply ignore any further tariff escalations from the US in the future. It added that any further tariff escalation from the United States would be economically meaningless and would become a laughingstock in the history of global economics.
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China Open To Countermeasures To Tackle US
The Chinese Ministry of Commerce said China will resolutely defend its legitimate rights and interests, and firmly uphold the multilateral trading system and international economic order. It pointed out that the US tariff measures represent a typical act of unilateral bullying and coercion, constituting a serious violation of World Trade Organization rules, and severely undermining the rules-based multilateral trading system and international economic order.
Meanwhile, the US President has acknowledged that his tariffs will pose transition problems but believes his policies will ultimately help the United States. The Trump administration slapped more tariffs on Beijing after China refused to rescind retaliatory tariffs on American goods.
