China on Wednesday responded to the White House’s statement claiming that Beijing now faces up to 245% tariffs on imports to the United States as a result of the former’s retaliatory actions. Chinese Foreign Ministry spokesperson Lin Jian said that China was "not afraid" to fight a trade war with the United States and reiterated calls for dialogue.
“The tariff war was initiated by the US. China has taken necessary countermeasures to safeguard its legitimate rights and interests and international fairness and justice, which is completely reasonable and legal. Tarff and trade wars have no winner. China does not want to fight these wars but is not scared of them,” stated the Global Times report, quoting Jian.
This came after a White House statement mentioned that “China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions”.
Reiterating the call for dialogue, Jian said that if the US really wants to resolve the issue through dialogue and negotiation, “it should stop exerting extreme pressure, stop threatening and blackmailing, and talk to China on the basis of equality, respect and mutual benefit.”
Trump initially imposed tariffs on imports from China over its alleged role in the fentanyl supply chain -- and recently stepped up those levies sharply over trade practices that Washington deems unfair.
This year, Trump has imposed an additional 145 percent tariff on many goods from China, stacking atop duties from previous administrations.
This involved 20 percent over fentanyl and other illicit drugs, as well as 125 percent over trade practices.
Trump's administration has, however, given temporary reprieve for certain tech products -- like smartphones and laptops -- from the latest levy.
And on Tuesday, the US President said "the ball is in China's court. China needs to make a deal with us", according to a statement read out by Press Secretary Karoline Leavitt at a briefing.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.