China has announced a significant increase in tariffs on American imports, raising them to 125% as tensions escalate in the ongoing trade war between the two countries. This decision follows President Donald Trump’s move to increase tariffs on Chinese goods to 145%.
In a statement released on Friday, the Chinese Finance Ministry criticized the United States for its recent actions, labeling the new tariffs as “abnormally high” and accusing the U.S. of “unilateral bullying and coercion.”
“The imposition of such excessive tariffs by the U.S. seriously undermines international trade rules, basic economic laws, and common sense,” the ministry stated.
The World Trade Organization (WTO) has warned that the trade conflict between the U.S. and China could reduce global GDP by 7%, with economists predicting that Nigeria and other nations will also feel the impact.
Previously, China had been subject to a 34% tariff when Trump initiated his global tariff program. This rate has now escalated through a series of retaliatory measures, culminating in the current historic 145% tariff on Chinese imports.
During a meeting with Spanish Prime Minister Pedro Sánchez, Chinese leader Xi Jinping emphasized that trade wars yield no winners and called for a collective effort from China and Europe to oppose unilateral actions.
The new tariff rates on U.S. goods from China are scheduled to take effect on April 12.
