On Wednesday, China finance ministry announced a 84% tariff on U.S. goods, which is a serious hike from the 34% they originally announced.
This is in response to President Donald Trump implementing reciprocal tariffs on foreign countries as a way to level the playing field for global trade. China’s President Xi Jinping refused to withdraw retaliatory tariffs, indicating that he wants to play hard ball.
The Communist dictatorship’s own Customs Tariff Commission of the State Council declared that President Trump is making a “mistake” and China’s Global Times has urged him to back down:
The US escalation of tariffs against China is a mistake on top of a mistake; it seriously infringes upon China’s legitimate rights and interests and gravely undermines the rules‑based multilateral trading system, said the commission.
China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect.
However, Trump does not take well to threats. He posted to Truth Social on Wednesday afternoon,
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable. Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter.”
I believe it would be in CHINA’s best interest to back down. Not the United States.