China has responded to US President Donald Trump signing an order to increase tariffs on imports from China.
This morning, March 4 (Vietnam time), the White House announced that US President Donald Trump has signed an order to increase tariffs on imports from China, citing Beijing's failure to address the trafficking of the addictive substance fentanyl. This order raises the previous tariff on Chinese goods from 10% to 20%, as Mr. Trump promised, AFP reported, citing an announcement from the White House.
US President Donald Trump signs a document in the Oval Office of the White House on February 4.
In response, Beijing announced today that it would take countermeasures against the new US tariffs on Chinese goods. "China is strongly dissatisfied with this and resolutely opposes it, and will take countermeasures to protect its own rights and interests," a spokesman for China's Ministry of Commerce said.
China's Ministry of Finance later announced that it would impose additional tariffs of 10%-15% on some imported goods from the US from March 10, according to Reuters.
AFP today quoted analysts warning that President Trump's latest tariff increase targeting China could be just the beginning of his escalating trade war against Beijing. "(This) is a move that we see as signaling an aggressive stance," wrote Ting Lu, chief China economist at Nomura (Japan).
Xi Jinping points out challenges to China's economy
Mr Trump’s new move adds to a general 10% tariff imposed last month, raising the average US tariff on imports from China to about 33%, according to Nomura estimates.
“The tariff increase that Trump has just imposed on China is nearly double the increase in tariffs during his entire first term… Tensions between the US and China may become the focus in the coming months,” Mr. Lu wrote.
"This probably won't be the last round of tariff hikes on China," said Julian Evans-Pritchard, a China economist at Capital Economics, noting that Trump has threatened to impose tit-for-tat tariffs on multiple countries as early as April.
Some experts also believe that China is likely to be the new Trump administration's main economic and geopolitical rival in the coming years, according to AFP. They are also predicting a tougher response from Beijing.
China retaliated last month with limited measures, including imposing a 15 percent tariff on US coal and liquefied natural gas. In addition, the Global Times on March 3, citing several sources, revealed that Beijing is considering taking measures of its own in response to Mr. Trump’s tariffs.
Source: https://thanhnien.vn/ong-trump-tang-thue-len-hang-hoa-trung-quoc-bac-kinh-dap-tra-185250304112220328.htm
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