China raises tariffs on US goods from 84% to 125% from April 12
According to TASS, the Customs Tariff Commission of the State Council of China announced that in response to the US government's trade protection measures, China will increase tariffs on US goods from 84% to 125% starting April 12.
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The excessive tariffs Washington imposed on Chinese goods "are a serious violation of international economic and trade regulations, basic economic principles and common sense, and represent a unilateral act of intimidation and coercion," the statement said.
"With the current tariff rate, the market is no longer accepting goods from the US into China. Therefore, the Chinese side will not consider any further tariff increases from the US on Chinese goods," the statement stressed.
Beijing said it will handle remaining issues related to trade and economic relations with the United States in accordance with resolutions of the State Council Tariff Commission.
US President Donald Trump initiated a large-scale trade war when he announced on April 2 that he would impose tariffs on goods from 185 countries and territories. Washington imposed a 34% tariff on Chinese goods alone. In response, China imposed an additional 34% tariff on all US products starting April 10.
The US President then announced that he would raise tariffs on China to 104% until Beijing agreed to sign a trade deal with Washington. China responded by raising tariffs on US goods to 84%. The US then immediately announced a new tariff of 125% on Chinese goods.
