China announces 84% Tariff on US Goods Amid Escalating Trade Tensions
China has announced an additional 84 percent tariff on all goods imported from the US. China’s financeministry said that these new charges will take effect from midnight on 10 April. Earlier, China accused the USA of bullying practices after US President Donald Trump imposed 104 percent duties on Chinese goods. In a white paper published today, China alleged that the White House has seriously damaged the global trade order and the security and stability of global industrial and supply chains. Meanwhile, China stated that Beijing is willing to communicate with Washington to resolve the issue. In a related development, South Korea’s trade minister, Cheong In-kyo, is in Washington to negotiate a tariff deal with Donald Trump’s team. The country, which sells large numbers of cars and electronics to the US, is being hit with 25 percent blanket tariffs because of its large trade surplus. On the other hand, the Bank of England warns in its Financial Stability Report that rising trade tensions from US President Donald Trump’s tariffs have significantly increased the risks to global growth and financial stability.
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