China tariffs on US goods are now raised to 125% as the trade war escalates between US and China with no signs of slowing down. This comes shortly after President Trump increased duties on Chinese imports to 145%.
Notably, the announcement also included that if the US continues to impose tariffs on Chinese goods exported to the US, China will ignore it. Notably, the increase comes after China, with the second-largest economy and leading US import source, faces continued pressure from the White House.
“The abnormally high tariffs imposed by the US seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion“, noted Beijing’s State Council Tariff Commission in a statement shared by the finance ministry. The new levy comes into effect on Saturday.
This comes hours after President Xi Jinping asked the European Union to team up with China to fight against the Unilateral bullying. “China and Europe should fulfil their international responsibilities… and jointly resist unilateral bullying practices,” he said.
Meanwhile, the German Finance Minister Joerg Kukies says that the European Union is currently in a good position to negotiate with the U.S. over tariffs, as there’s still a lot of time to reach a deal. However, he warned that if the talks don’t lead to a fair solution, then EU will have to consider other response options.
Markets Struggle To Stay Up
Cryptocurrency prices declined on Friday as global markets reacted swiftly to renewed trade tensions between the US and China. Bitcoin is currently trading at $81,537, with no change in the past day, while Ethereum is down over 2% currently trading at $1,549.
The U.S. stock futures are swinging wildly after China announced a steep tariff hike. Dow futures, briefly up 400 points, are now fluctuating, while S&P 500 and Nasdaq futures also struggle to stay positive.
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