In retaliation to the tariffs placed by the United States of America, the Chinese government has decided to place an 84% tariff on the United States of America, increasing it from the previously proposed 32%. The tariffs will be applied to a wide range of US goods, the country’s finance ministry said in a statement on Wednesday.
Sharing his thoughts on a daily press briefing, Jin Lian, the spokesperson of China’s foreign ministry, said, “China continues to take firm and resolute measures to safeguard our legitimate rights and interests. We will not tolerate any attempt to harm China’s sovereignty, security and development interests.”
He also accused the US of using the tariffs as a weapon against the People’s Republic of China. He said Beijing firmly opposed what he calls “bullying and hegemonic acts” by the United States of America. Earlier on Wednesday, the Chinese representatives at the World Trade Organisation (WTO) also criticised Washington, claiming that Trump’s reciprocal tariffs threaten to destabilise world trade further and violate the rules of the WTO. According to Reuters, Chinese officials wrote to the WTO, “The situation has dangerously escalated… China expresses grave concern and firm opposition to this reckless move.”
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Now, two of the biggest economies in the history of the world are in a standoff to see who will prevail as the top player. This is not good for the world, as the WTO proposed that a stand-off between these nations can decrease the global economy by almost 7%.
