U.S. President Donald Trump has accused China of overreacting. Following China's announcement to levy an additional 34% tariff on American goods, Trump voiced his concern. This decision further elevates trade tensions between the world's two largest economies. The Chinese tariffs are set to take effect on April 10.
Trump emphasized that China's mistake led to their panic—a reaction they can't afford to bear. This response followed Beijing's decision, subsequent to Trump's imposition of a 34% tariff on Chinese imports a few days earlier.
Tariff War Between the U.S. and China
The Chinese Ministry of Finance proclaimed that the new tariffs are a direct response to actions taken by the U.S. Earlier this week, the Trump administration heightened tariffs already in place on Chinese goods, impacting trade worth billions. On Wednesday, Trump enforced an additional 34% tariff on Chinese merchandise, adding to the earlier 20% tariff imposed at the year's start. This move boosts the new tariff on Chinese imports to 54%, nearing the 60% target proposed during his presidential campaign.
The New U.S. Tariff Regulations
Under the new U.S. tariff policy, Chinese and other economies' exporters will encounter a basic 10% tariff, applicable to almost all goods starting Saturday. Additional reciprocal tariffs will go into effect on April 9.
China's Counteraction
The Chinese Ministry of Commerce criticized the U.S. decision, labeling it as a unilateral pressure policy. The ministry urged the United States to resolve disputes through fair and equal dialogue.
