Years
China’s Foreign Ministry spokesman Guo Jiakun said that there is no winner in the trade wars and tariff wars. After Trump imposed tariffs on imports of more than US $ 438 billion in the US, the country’s third largest export market, Beijing vowed to adopt strong measures.
China said on Friday that it would impose a mutual duty of 34 percent on all the goods imported from the US from April 10, Shinhua said. The move is seen as a response to US President Donald Trump’s trade war, which he has further increased after the announcement of imposing new fees on business partners including China. Trump on Wednesday announced an additional 34% duty on imports of all Chinese goods, and with two installments of an additional fee, Chinese goods coming into the US will be effectively subject to 54% duty. China has already announced retaliation by major exporter to America from clothing to kitchen utensils, which is expected to increase prices for American consumers.
Earlier, China’s Foreign Ministry spokesman Guo Jiyakun said that there is no winner in trade wars and tariff wars. After Trump imposed tariffs on imports of more than US $ 438 billion in the US, the country’s third largest export market, Beijing vowed to adopt strong measures. Reacting to Trump’s tariff, China said, “History shows that increasing the tariff cannot solve its problems in the United States. It damages American interests and endanger global economic development as well as industrial and supply chain stability along with global economic development.
According to data from the US Trade Representative Office, in 2024, the total goods trade with China was an estimated US $ 582.4 billion. While American goods export to China in 2024 was US $ 143.5 billion, in 2024 the US imports from China to a total of $ 438.9 billion. The US goods trade deficit with China in 2024 was US $ 295.4 billion. Trump’s latest tariff aims to pressurize China to buy more American industrial and agricultural goods and products. According to a Hong Kong-based South China Morning Post report, Trump had vowed to apply mutual tariffs to match high tariff rates for specific items of other countries for months and vow to remove non-tariff obstacles, which damage American exports.
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