China announced on Friday that it was increasing its tariffs on American goods to 125 percent.
This tariff increase follows the American government’s announcement this week that it would impose a 125 percent tariff on Chinese goods.
In his executive order, President Donald Trump said that increasing the tariffs on China was “necessary and appropriate to effectively address the threat to U.S. national and economic security posed” by the Chinese government.
Trump also said China’s industrial policies have suppressed American domestic manufacturing capacity.
America’s tariff on Chinese imports is 145 percent, according to CNBC. This includes a pre-existing 20 percent tariff for its role in fentanyl production,
The Chinese Communist Party (CCP) said America’s decision to impose tariffs on the country disregarded “international economic and trade rules” and the post-World War II global economic order.
“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy. At the current tariff level, there is no market acceptance for US goods exported to China,” the CCP said.
“If the US continues to play the tariff numbers game, China will ignore it. However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counterattack and fight to the end,” it added.
Trade tensions have escalated between the world’s two biggest economies since Liberation Day, when Trump imposed a 54 percent tariff on Chinese products.
After Liberation Day, China announced a 34 percent tariff on American imports.
On Monday, Trump threatened to raise China’s tariff percentage by 50 percent if the communist country did not remove its tariffs to 104 percent on Tuesday. Once this happened, China also put an 84 percent tariff on American products.
However, on Wednesday, after pausing other countries’ tariffs for 90 days, Trump increased tariffs again to 145 percent.
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Zachery Schmidt is the digital editor of The Star News Network. Email tips to Zachery at zschmidt1717@gmail.com. Follow Zachery on Twitter @zacheryschmidt2.
Photo “Xi Jinping” by Officia do Palácio do Planalto. CC BY 2.0. Background Photo “Zhongnanhai” by 維基小霸王. CC BY-SA 4.0.
