The move follows President Donald Trump’s “reciprocal” duties on all Chinese goods.
China will impose a 34% tariff on all imports from the US starting April 10, the country’s Finance Ministry announced on Friday. The decision follows US President Donald Trump’s announcement of a 34% levy on Chinese goods in the latest escalation of a tariff war.
Beijing’s announcement comes after the Ministry of Commerce condemned the US tariffs, denouncing them as “unilateral bullying.”
Trump on Wednesday rolled out a broad new slate of tariffs ranging from 10% to 49% on imports from all countries, based on what the US president called the principle of reciprocity.
China – labelled one of the “worst offenders” by Trump – was hit with a new 34% tariff on its exports to the US, on top of an existing 20% levy, bringing total duties to at least 54%.
Beijing has also filed a lawsuit with the World Trade Organization (WTO) in response to the tariffs.
Alongside the WTO action, China’s Commerce Ministry introduced new restrictions aimed at American companies. Eleven US firms were added to China’s unreliable entities list due to their reported military cooperation with Taiwan. Additionally, 16 US companies were placed under new export control measures designed to monitor the transfer of dual-use goods.
Prior to the latest round of Washington’s duties, the US and China had a sharp tariff gap. According to Bloomberg calculations, China’s average tariff on US products stood at 17.8%, compared to the 32.8% levied by the US on Chinese goods.
“The US action does not abide by international trade rules, severely undermines China’s legitimate and lawful rights and interests, and is typical unilateral bullying,” the Finance Ministry said in a statement announcing the reciprocal 34% tariffs.
Beijing has condemned the measures, warning that they damage the balance established through years of multilateral trade negotiations. It has urged Washington to “immediately” remove the tariffs and resolve any disputes through “fair and equal dialogue” with its trade partners.
Image credit: Edward He
Final blow before the US vulture goes bankrupt
Look at China in the 1970s. Look at America in the 1970s. Now look at both countries. What happened? Is someone trying to tell us China has not prospered at the expense of other countries – including New Zealand? That we haven’t been ‘playing fair’?
Look at New Zealand in the 1970s. Now look at it. So many New Zealand industries have been destroyed or relocated overseas..
Where have all our foundries gone? In 2012 Hillside Works in Dunedin tendered Kiwirail for 300 rolling stock wagons. The tender was awarded to China under dodgy circumstances. On arrival in New Zealand it was revealed the brakes on hundreds of Chinese-built freight wagons ordered by KiwiRail had to be replaced. Typical. Once upon a time we built our own locomotives. We built the Raurimu Spiral and the Makatote viaduct. The old Interisland ferries sailed in any weather. We had great roads. Travel was safe and reliable. Then.
Now we are importing food from India and China and foul tasting pork from Spain. Why do we pay premium prices for our own food which is often produced within walking distance of where we live? Now the Gene Technology Bill introduced by Judith Collins. Pay attention. We stand to lose what little we have left.
I used to believe all the nonsense coming out of Wellington – as did many New Zealanders. That had changed before Ardern and Covid thank goodness. My cynicism protected me against the Podium of Truth.
Now I believe that all the grifters in this country are still controlled by the WEF and will be until they see which way the wind is blowing because first and foremost they care only for themselves. I’m betting they all have an escape route planned should disaster strike even if they get caught in flagrante delicto. Check out the four stories BELOW the Beehive.
But always excepting the men and women of honour and dignity in New Zealand First. Without them, where would we be now? It doesn’t bear thinking about.
Free trade and chinese wages happened. Way cheaper to manufacture in China.
That is what happens when ” finance” rules the world . Finance does not create riches. It exploit people on the same model as slavery and wants always more until nothing left. Will explode like a balloon. Delocalize. Always looking for somewhere to produce ” cheaper” enriching a small number of individuals, but impoverishing every the society in the long run, and destroying know how.
China has been very industrial and worked very hard while western societies took advantage of currencies inequalities to have an easy life.
Those who govern are fools.
Agreed. Thank you
You are correct mate.
Yes well said!
Oops…the four STOREYS BELOW the Beehive.
China has already been declared the winner in Trump’s trade war by the Wall Street Journal
https://www.rawstory.com/wsj-xi-jinping/
Typical of Chinese history where they do everything behind the scenes for many years to a solid long long term strategy.
Then along comes Tantrum Trump who suddenly makes China great again.
While the idiot keeps moaning about everybody ripping the dumb yanks off.
Relax
Rest assured in every business venture Trump has ever laid his hands on has turned to shart
Not quite sh*t
Because he keeps getting bailed out by His Jewish Masters
Who he is now organizing the war on Iran on behalf of
Trump is the organ grinders monkey