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China said this will increase additional fees for American goods to 125 percent, in the latest escalation of the trade war between the two largest economies in the world.
China’s Ministry of Finance said the growth from the current 84 percent additional levels would come into force from April 12.
But he added that it would ignore any further US fee in Chinese exports, “given that at the current level of tariffs, there is no market acceptance of American goods exported to China.”
“The US setting up abnormal tariffs on China seriously violates international economic and commercial rules, fundamental economic laws and common sense, and is completely unilateral harassment and coercion,” the ministry said.
The measure is the latest in a long week between the two countries that has seen US President Donald Trump’s administration isolate China after stopping several fees for other trade partners.
It comes along with an increasing wave of transmission of transport that threatens to disrupt international trade between countries, with cancellations of shipments threatening transpacific trips.
The chaotic participation of the Aggressive Agenda of Trump’s tariffs has the convulsion markets since its announcement “ERITION Liberation” on April 2, deleting trillions of dollars from global stock indices and sending bond yields.
Earlier this week, Trump announced a 90-day pause for dozens of countries from so-called reciprocal taxes announced at the time, causing a recovery of market prices. China was expelled from returning.
Trump last week introduced additional tariffs in China of 34 percent, which added two previous increases of 10 percent. After successive responses from Beijing, it increased additional tariffs to 84 percent, and then 125 percent.
At a press conference in Beijing on Friday, Spain Prime Minister Pedro Sánchez, who met with President Xi Jinping, tried to encourage talks between Washington and Beijing.
“The trade wars are not good, no one wins, and I’m sure what the world needs is for China and the United States to speak,” Sánchez said in his third visit to Beijing in just over two years.
“There is no winner in a tariff war and that confrontation with the world will only lead to self-being,” Xinhua said, according to Xinhua News Agency.
Additional reporting from Gloria Li to Hong Kong
