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China again vowed to “fight to the end” Wednesday in an escalating trade war with the U.S. It said that it would raise tariffs on American goods to 84% from Thursday.
China again vowed to “fight to the end” Wednesday in an escalating trade war with the U.S. It announced it would raise tariffs on American goods to 84% from Thursday.
Beijing also added an array of countermeasures after U.S. President Donald Trump raised the total tariff on imports from China to 104%.
On Friday, China announced a 34% tariff on all goods imported from the U.S, export controls on rare earth minerals, and a slew of other measures in response to Trump’s “Liberation Day” tariffs. Trump then added a 50% tariff on goods from China, saying negotiations with them were terminated.
So far, China has not appeared interested in bargaining. The Chinese argue that taking into account trade in services and U.S. companies’ domestic Chinese branches, economic exchange between the two countries is “roughly in balance.”
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China had a trade-in services deficit with the U.S. of USD 26.57 billion in 2023, which is composed of industries like insurance, banking, and accounting. Trump’s tariffs were designed to close trade deficits with foreign countries, but those were calculated only based on trades in physical, tangible goods.
