China slaps 125% tariff on US goods

Beijing

In a sharp counter to Washington's tariff escalation, China has raised import tariffs on all US goods to 125 per cent, starting April 12. The Customs Tariff Commission of the State Council announced the increase, up from the previous 84 per cent, as reported by China’s official Xinhua news agency.

The Chinese commerce ministry also confirmed that it has filed a complaint with the World Trade Organization (WTO) following the US move.

During a meeting with Spanish Prime Minister Pedro Sanchez in Beijing, Chinese President Xi Jinping made his first public comments on the ongoing trade tensions, stating, "There is no winner in a tariff war, and going against the world will only result in self-isolation."

Xi further urged the European Union to cooperate with China to protect global trade systems and push back against unilateral actions, saying both sides must "jointly resist unilateral bullying."

The Tariff Commission stressed that there is no longer any market space in China for US goods under the new tariff conditions. It added that even if the US further increases tariffs, China will not respond again, calling such moves economically meaningless.

"Even if the US imposes even higher tariffs, it would no longer make economic sense and ultimately go down as a joke in world economic history," the commission stated.

The US currently imposes a 145 per cent tariff on Chinese imports. China has accused the US of violating trade rules and vowed to take strong countermeasures if its interests are harmed further.