ANALYSIS.
China raises tariffs on U.S. products to 125%
Beijing assures that this will be the last tariff increase, stating that beyond this point, the measures no longer make sense and risk becoming "a numbers game" that will ultimately turn into "a joke."
A cargo ship approaches port
After failing to respond for a day to tariff increases by the Trump administration, China finally announced Friday that it will raise levies on U.S. goods to 125%. A move that deepens the escalation of the global trade war and once again hits international markets hard. However, the Communist Government of Beijing assured that this will be the last tariff hike on its part to an eventual additional increase by the US, since "US products would cease to make economic sense for importers."
"The U.S. imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense," Beijing's State Council Tariff Commission said in a statement shared by the Ministry of Finance, adding that the new levy will take effect on Saturday.
"A numbers game with no practical meaning"
From Beijing, they noted that the Trump tariffs "have become a numbers game with no practical meaning in the economy" that "will become a joke." According to a spokesman for Beijing's Ministry of Commerce, Washington's tariff escalation "will only serve to further highlight U.S. bullying and coercion. It will become a joke."
In addition, Beijing announced that it has filed a complaint against the US with the World Trade Organization.
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