China to increase tariffs to 125% as trade war with US escalates
China to increase tariffs to 125%
China announced Friday it will increase tariffs on U.S. goods from 84% to 125%, escalating a trade war between the world’s two largest economies. The move has rattled global markets and heightened concerns about a potential economic slowdown.
BEIJING - China announced Friday it will increase tariffs on U.S. goods from 84% to 125%, escalating a trade war between the world’s two largest economies. The move has rattled global markets and heightened concerns about a potential economic slowdown.
While U.S. President Donald Trump paused import taxes for several other countries this week, tariffs on China were increased, now totaling 145%.
China raises tariffs as trade war intensifies
What we know:
China has criticized the policy as "economic bullying" and pledged countermeasures. The new tariffs are set to take effect on Saturday.
Washington’s continued escalation of tariffs "will become a joke in the history of the world economy," a Chinese Finance Ministry spokesman said Friday in a statement announcing new tariffs.
China’s Commerce Ministry announced plans to file another lawsuit with the World Trade Organization against the tariffs.
Global markets unsettled amid escalating US-China tensions
Trump’s shifting tariff policies have unsettled stock and bond markets, sparking warnings of a potential U.S. recession.
While a pause on tariffs for most countries offered some relief, fears persist as the trade war between the world’s two largest economies continues.
READ MORE: President Trump announces 90-day pause on tariffs except for China
The Source: Information in this article comes from the Associated Press.