The Finance Ministry announced Wednesday that China would impose tariffs of 84% on U.S. products starting Thursday. This is an increase from the previous announcement of 34%.
China warned the World Trade Organization (WTO) on Wednesday that the United States’ decision to impose reciprocal tariffs against Beijing, as it called them, threatens to further disrupt global trade.
The situation has escalated dangerously. China, as one of the affected countries, expresses its grave concern and opposition to such a reckless act.
The “reciprocal tariffs” of President Donald Trump on dozens of countries, including 104% on Chinese goods, took effect on Wednesday. Meanwhile, the European Union was preparing retaliatory actions, escalating an international trade war.
China said at a WTO meeting about trade in goods that reciprocal tariffs were against the rules of the organization and undermined multilateral trading.
“Reciprocal Tariff is not and will never cure trade imbalances. They will instead backfire and harm the U.S. themselves,” China’s WTO statement said.
