From April 10th, China will hit back at the US administration due to the additional tariffs imposed by the US President. Chinese tariffs will be 34 percent on all imports from the United States
China announced on Friday (April 4th) that it will introduce customs of 34 percent on imported goods from the USA, starting from 10. April.
This move is a response to the US tariff in the same amount on Chinese goods, which was announced by US President Donald Trump at the beginning of the week.
Since returning to power in January, Trump has already imposed two tranches of additional 10 percent tariffs on all Chinese imports, which the White House said were necessary to stem the flow of illegal fentanyl from China to the US. This means that Chinese goods arriving in the US would be subject to tariffs of 54 percent.
Trump's tariffs
On Wednesday, Trump introduced additional tariffs of 34 percent on all imported Chinese goods in the US, in a move that is ready to cause a major reset of relations and worsening trade tensions between the world's two largest economies, writes N1.
"This U.S. practice is inconsistent with international trade rules, seriously undermines China's legitimate rights and interests, and is a typical practice of unilateral bullying," the Tariff Commission of the State Council of China said in a statement announcing the introduction of counter tariffs.
French Minister: "The EU should not retaliate"
French Finance Minister Eric Lombar said that the European Union (EU) should not respond to US President Donald Trump's decision to introduce high tariffs with identical countermeasures, as this would have a negative impact on consumers in the EU.
We are working on a response package, which can go significantly beyond tariffs, to bring the United States of America (US) to the negotiating table and reach a fair deal, Lombar said, Reuters reports.
On the other hand, the President of the European Commission, Ursula von der Leyen, said in the European Parliament that she understands the arguments of the US that others have taken advantage of the rules of global trade, adding that it also affected the EU. She also said she understands that the US wants to reindustrialize, as does the EU.
However, she added that US tariffs are a tax on consumers there, and will encourage inflation and American factories to pay more for components, costing them jobs.
"Our goal is a negotiated solution. But of course, if necessary, we will protect our interests, our people and our companies," she said at the EP in Strasbourg.
She told EU MPs that next month the European Commission will make proposals to remove some obstacles and prevent new ones.
Source: N1, Reuters
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