After President Donald Trump increased tariffs against Beijing to 104 % on Wednesday, China announced an 84 % tariff against the United States.
In a speech announcing the most recent tax, China’s State Council Tax Commission stated that the U.S. intensification of tariffs on China was a error on top of a mistake, really infringing on China’s reasonable rights and interests, and severely harming the international trading system based on rules.
China’s Commerce Ministry even imposed export restrictions on a few U.S. companies and added six U.S. companies to its “unreliable object list,” which forbids them from buying or making fresh opportunities in China, according to CNN.
The announcement comes after Chinese leaders claimed on Wednesday that Trump had “made a mistake” by imposing heavy taxes on China. As tensions over Beijing’s processing of the fentanyl problems escalate into a global trade war, they accused the president of trying to “blackmail” him and pledged to fight the United States” to the end.”
Executive requests are signed by President Donald Trump in Washington’s Oval Office on January 20, 2025. ( AP Photo/Evan Vucci)
Beijing retaliated by imposing tariffs of 10%-15 % on U.S. agricultural and energy products, followed by an additional 34 % tariff on all U.S. imports last Friday.
When Trump imposed 10 % tariffs on China over the course of two months ago to encourage Beijing to acquire more extreme measures to put an end to the fentanyl crisis, the industry disputes started. Since February, that number has increased, with the White House announcing a decrease from 34 % to 84 % on Wednesday night.
TRUMPWON’T PAUSE RECIPROCAL TARIFFS TO PERMIT NEGOTIATIONS
Treasury Secretary Scott Bessent addressed the price war in an interview on Fox Business Network on Wednesday morning, arguing that the Chinese were the worst offenders in the world trading system and that the increase was a “loser” for Beijing.
He continued,” They have the most uneven market in modern background.” And I can tell you that they have some very smart people working in their bureaucracy, including technocrats and academicians, and that they would be telling the leadership that we do not have the advantage below. They are the income nation because their imports to the US are five times ours, so they are able to increase their taxes, but what?
