- China impose 34% tariffs on all US products after the Donald Trumps Tariff announcement.
- China’s State Council Tariff Commission said the US actions were not in line with international trade rules.
- They also stated that US seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice.
Why Do China Put Extra’s On US?
China on Friday added more tariffs of 34 per cent to all US imports to the nation, escalating trade tensions a day following United States (US) President Donald Trump declaring import levies on nations all over the world. The response was the initial tariff action taken by any friend or foe of the US and increased possibilities of a complete worldwide trade war.
In announcing its retaliatory tariffs, China’s State Council Tariff Commission stated the US actions were “not in accordance with international rules of trade, seriously infringes on China’s legitimate rights and interests, and is a classic unilateral bullying act.”
Beijing also announced that it plans to add 16 US entities to a list of controlled exports and designate 11 others as “unreliable” entities. “The aim of the Chinese government’s application of export controls over relevant items according to law is to further protect national security and interests, and to meet international commitments like non-proliferation,” the Commerce Ministry said in a statement.
View Of Donald Trump
President Trump had earlier on Wednesday revealed an extra 34 per cent retaliatory tariffs on top of the current 20 per cent duties on all Chinese imports. Since his comeback to power in January, he had already enacted two sets of 10 per cent extra tariffs on Chinese imports, first in February and another in March, which the White House had rationalized as a step to stop illegal fentanyl exports from China.
China previously had responded with balanced retaliatory tariffs, including against US farm products, petroleum, and certain American companies, as well as tightened export controls.
Despite increasing economic confrontation, Trump in his Rose Garden press briefing recognized his respect for Chinese President Xi Jinping and said,
“I have great respect for President Xi, great respect for China, but they were taking tremendous advantage of us. They understand exactly what’s happening and … they’re going to fight.”
Trump Says Its Cheating
Trump displayed a list of US trading partners and the tariffs that he alleged they charge against the United States, all in defense of his new round of retaliatory tariffs.
He clarified the figures as being a combined rate of tariffs, non monetary restrictions, and other trade arrangements he had labeled as “cheating”. According to his new policy, the US would charge tariffs at about half the level other countries charge the US.
In Trump’s view, China charges 67% on imports from the US, a percentage that incorporates the effect of currency manipulation and trade barriers.
Also Read : Trump’s April 2 Tariffs: A Game Changer for Bitcoin or Another Setback?
