China tariffs on US goods are now raised to 125% as the trade war escalates between US and China with no signs of slowing down. This comes shortly after President Trump increased duties on Chinese imports to 145%.
Notably, the announcement also included that if the US continues to impose tariffs on Chinese goods exported to the US, China will ignore it.
“The abnormally high tariffs imposed by the US seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion“, noted Beijing’s State Council Tariff Commission in a statement shared by the finance ministry. The new levy comes into effect on Saturday.
Meanwhile, the German Finance Minister Joerg Kukies says that the European Union is currently in a good position to negotiate with the U.S. over tariffs, as there’s still a lot of time to reach a deal. However, he warned that if the talks don’t lead to a fair solution, then EU will have to consider other response options.
