China intends to retaliate against Donald Trump’s proposal of an additional 50% tariff on Chinese imports, promising “resolute countermeasures.”
The Commerce Ministry in China labelled the US’s imposition of “so-called ‘reciprocal tariffs'” on China as “completely groundless and a typical unilateral bullying practice.”
China suggests it may implement further retaliatory tariffs, emphasizing that these measures are “completely legitimate” and intended to protect the nation’s sovereignty, security, and development interests.
“The US threat to increase tariffs on China is a mistake piled on another mistake and demonstrates the blackmailing nature of the US. China will never accept this. If the US persists, China will fight back,” the ministry declared.
Trump Tariffs: Stay updated
Mr Trump made his announcement on social media following China’s statement that it would retaliate against US tariffs introduced last week.
“If China does not revoke its 34% increase on top of their already long-term trading violations by April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” he stated on Truth Social.
“Additionally, all talks with China regarding their requested meetings with us will be terminated!”
If Mr Trump’s plans are implemented, it would mean total US tariffs on imports from China could reach up to 104%. This is an addition to the 20% tariffs imposed as punishment for China’s alleged role in the US fentanyl crisis and the 34% tariffs announced last week.
Read more:
A major economic shock due to Trump
Could this be the start of an ‘economic nuclear winter?’
Global bank chiefs discuss the tariffs crisis
Asian markets rally
Asian markets saw a surge on Tuesday, with Japan’s Nikkei 225 share benchmark rising 6% and the broader Topix up 6.8%. The US semiconductor index climbed 2.7% overnight, with both the S&P and Nasdaq futures increasing by more than 1% in Asia trade.
Analysis: Tariffs could lead to one of the most painful episodes in modern times
Most US markets down
Asian markets had sharply declined on Monday, mirroring global economic uncertainties.
Most US markets closed lower on Monday, with the FTSE 100 in the UK dropping by 4.38%
