Chinaโs Foreign Ministry has announced they have imposed additional tariffs on US exports and the levies will start from tomorrow.
China said that tariffs of 84% will be enforced on US goods up from 34% which comes as the US President Donald Trump enforced a further 50% on tariffs which means Beijing has been hit with a total of 104%.
China said that the โsituation has dangerously escalatedโ and a complaint has been sent to the World Trade Organisation as Trumpโs actions could destabilise global trade.
“China filed a WTO complaint against United States’ further 50% additional tariff measures on Chinese products,” a statement said.
“The situation has dangerously escalated. As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement.
Treasury Secretary Scott Bessent told Fox Business Network in an interview, “I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system.โ
After China imposed additional tariffs on US goods the American futures market tumbled, the S&P 500 e-minis are down 1.72%, the Nasdaq 100 E-minis, slid 1.45% and the Dow Jones E-minis have fallen 1.87%.
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