China has announced it will impose additional tariffs of 34 per cent on US imports in retaliation for duties unveiled by President Donald Trump this week, moving the world closer to a full-blown trade war, APA reports, citing Financial Times.
The Ministry of Commerce said on Friday that the tariff, which matches Trump’s latest increase in duties on Beijing, would be imposed on all imported goods from the US from April 10, a day after the US’s “reciprocal” levies come into effect.
Global stock markets extended their losses on Friday after the announcement, with futures tracking the S&P 500 down 2 per cent and the Europe-wide Stoxx 600 4.4 per cent lower.
Total levies on Chinese exports to the US are set to rise to more than 60 per cent after Trump’s announcement of tariffs of 34 per cent that come on top of existing duties.
Beijing denounced the new US duties as “a typical unilateral bullying move” that “does not comply with the rules of international trade and seriously damages the legitimate rights and interest of China”.
The trade war comes at a sensitive moment for China’s leader, Xi Jinping, who has leaned on exports to steer the world’s second-largest economy through a property sector slump and deflation.
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