April 09, (THEWILL) – China has announced additional tariffs of 84% on US goods after President Donald Trump’s 104% tariffs on Beijing came into effect at midnight on Wednesday.
THEWILL reported on Tuesday a White House statement intensifying the ongoing trade war between the world’s two largest economies.
President Trump imposed a 35 percent tariff on Chinese products a week ago, and Beijing retaliated with its own 35 percent tariff. While President Trump on Tuesday responded with an additional 50 percent tariff, Beijing retaliated, declaring on Wednesday that all shipments of American goods to China would face an additional tariff of 85 percent in a few hours.
Beijing also announced that it was putting export controls on 12 more American companies and had added six more American companies to its list of “unreliable entities” that are mostly barred from doing business in China or with Chinese companies.
Denouncing American trade policies, a statement issued on Wednesday, by Beijing’s cabinet information office, accused the United States of years of protectionism and of violating the trade agreement the two sides had negotiated late in President Trump’s first term.
The statement criticised the United States for having considerably tightened export controls on the transfer to China of technologies with both civilian and military applications. The office suggested that this was a violation of the spirit of the so-called Phase One agreement reached in 2020.
It said that China had abided by the pact, which also called for China to increase its purchases of American energy, agricultural products and manufactured goods, such as aircraft from Boeing, the American aerospace giant.
“The Chinese side upheld the spirit of the contract and endeavoured to overcome multiple adverse factors, including the unexpected impact of the pandemic, subsequent supply chain disruptions, and global economic recession, to ensure implementation of the agreement”, the statement added.
Leave a comment