HomeChina Labels US a 'Joke' with Final Tariff Hike
China has once again matched the United States' tariff measures, stating this would be the final adjustment. The new tariff rate stands at 125 percent, with Beijing warning that the U.S. risks becoming an economic "laughingstock."
In a statement issued by China's Ministry of Finance—translated here via Google—officials stated that any additional U.S. tariffs would "no longer be economically meaningful" and that America "could become a joke in the annals of global economic history." The U.S. initially imposed a 10 percent tariff on Chinese goods in February, which has since increased four times, now reaching 145 percent. Until now, China has consistently responded with equivalent tariff hikes.
According to Chinese authorities, at the new 125 percent tariff level, there is "no longer market acceptance for U.S. goods exported to China," making further tariff increases futile. "If the U.S. continues to focus on raising tariff numbers, China will disregard these moves," the statement added.
Related
- Tariff guide: Which tariffs are on, which are off, and which are on the way
However, Beijing has not ruled out other forms of retaliation, concluding the statement with a warning: "If the U.S. continues to significantly harm China’s interests, China will take firm countermeasures and fight until the end." The country recently announced it would reduce the number of Hollywood films allowed for release and, over the past week, has also restricted import and export rights for multiple U.S. firms.
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China has once again matched the United States' tariff measures, stating this would be the final adjustment. The new tariff rate stands at 125 percent, with Beijing warning that the U.S. risks becoming an economic "laughingstock."
In a statement issued by China's Ministry of Finance—translated here via Google—officials stated that any additional U.S. tariffs would "no longer be economically meaningful" and that America "could become a joke in the annals of global economic history." The U.S. initially imposed a 10 percent tariff on Chinese goods in February, which has since increased four times, now reaching 145 percent. Until now, China has consistently responded with equivalent tariff hikes.
According to Chinese authorities, at the new 125 percent tariff level, there is "no longer market acceptance for U.S. goods exported to China," making further tariff increases futile. "If the U.S. continues to focus on raising tariff numbers, China will disregard these moves," the statement added.
Related
- Tariff guide: Which tariffs are on, which are off, and which are on the way
However, Beijing has not ruled out other forms of retaliation, concluding the statement with a warning: "If the U.S. continues to significantly harm China’s interests, China will take firm countermeasures and fight until the end." The country recently announced it would reduce the number of Hollywood films allowed for release and, over the past week, has also restricted import and export rights for multiple U.S. firms.
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