{"id":280,"date":"2025-04-11T09:31:01","date_gmt":"2025-04-11T09:31:01","guid":{"rendered":"https:\/\/hkg01.com\/?p=280"},"modified":"2025-04-11T09:31:02","modified_gmt":"2025-04-11T09:31:02","slug":"china-strikes-back-with-125-tariffs-on-u-s-goods-as-trade-war-intensifies","status":"publish","type":"post","link":"https:\/\/hkg01.com\/index.php\/2025\/04\/11\/china-strikes-back-with-125-tariffs-on-u-s-goods-as-trade-war-intensifies\/","title":{"rendered":"China strikes back with 125% tariffs on U.S. goods as trade war intensifies"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>China has retaliated against the U.S. President Donald Trump\u2019s reciprocal tariffs by raising its levies on U.S. goods to 125% from 84%, the finance ministry said.<\/li>\n\n\n\n<li>Trump administration confirmed to CNBC on Thursday that the U.S. tariff rate on Chinese imports now effectively totals 145%.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">China on Friday retaliated against U.S. President Donald Trump\u2019s reciprocal tariffs by raising its levies on U.S. goods to 125% from 84%, the Chinese finance ministry said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cEven if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,\u201d the ministry said in a statement, according to a CNBC translation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith tariff rates at the current level, there is no longer a market for U.S. goods imported into China,\u201d the statement noted, adding that \u201cif the U.S. government continues to increase tariffs on China, Beijing will ignore.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Trump administration confirmed to CNBC on Thursday that the U.S. tariff rate on Chinese imports now effectively totals 145%. Trump\u2019s latest executive order boosted reciprocal tariffs on Beijing to 125%, stacked on top of a combined 20% fentanyl-related tariff imposed in February and March.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis is the end of the escalation in terms of bilateral tariff rates. Both China and the US have sent clear messages, there is no point of raising tariffs further,\u201d said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The next step would be to evaluate the damage to economic activities in the U.S. and China, Zhang said, adding that there is no sign that the two governments would start negotiations and avoid major disruption in the global supply chains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike the previous rounds of retaliatory measures, Beijing has refrained from announcing further export control measures or widening its so-called \u201cunreliable entity list\u201d with the addition of more American firms, which would subject them to further restrictions while operating in China.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the latest escalation, a spokesperson of China\u2019s commerce ministry reiterated in a separate statement Friday that Beijing is open to negotiate with the U.S. on an equal footing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hopes for a U.S.-China deal to resolve trade tensions have faded fast as Beijing has been hitting back in the last week with tit-for-tat duties on American goods and wide-ranging restrictions on U.S. businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt\u2019s unfortunate that the Chinese actually don\u2019t want to come and negotiate, because they are the worst offenders in the international trading system,\u201d U.S. Treasury Secretary Scott Bessent told Fox Business on Wednesday after China\u2019s raised tariffs to 84%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThey have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them,\u201d Bessent said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Goldman Sachs on Thursday cut its China GDP forecast to 4% given the drag from U.S. trade tensions and slower global growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While Chinese exports to the U.S. only account for about 3 percentage points of China\u2019s total GDP, there\u2019s still a significant impact on employment, Goldman Sachs analysts said. They estimate around 10 million to 20 million workers in China are involved with U.S.-bound export businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China on Friday reiterated that it will continue to \u201cresolutely counter-attack and fight to the end\u201d if the U.S. continues to infringe on China\u2019s interests.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a meeting with Spanish Prime Minister Pedro S\u00e1nchez on Friday, Chinese President Xi Jinping said \u201cthere is no winner in a tariff war and going against the world will only isolate itself,\u201d according to a CNBC-translated government readout. The two leaders pledged to deepen ties in areas including trade, investment and technological innovation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The White House did not immediately respond to CNBC\u2019s request for comment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2014 CNBC\u2019s Lim Hui Jie and Evelyn Cheng contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China on Friday retaliated against U.S. President Donald Trump\u2019s reciprocal tariffs by raising its levies on U.S. goods to 125% from 84%, the Chinese finance ministry said. \u201cEven if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,\u201d the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[133,134],"class_list":["post-280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-tariffs","tag-trade-war"],"_links":{"self":[{"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/posts\/280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/comments?post=280"}],"version-history":[{"count":1,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/posts\/280\/revisions"}],"predecessor-version":[{"id":282,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/posts\/280\/revisions\/282"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/media\/281"}],"wp:attachment":[{"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/media?parent=280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/categories?post=280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hkg01.com\/index.php\/wp-json\/wp\/v2\/tags?post=280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}