China will impose 84 per cent tariffs on US goods from Thursday (Apr 10), up from the 34 per cent previously announced, the finance ministry said on Wednesday.
China also told the World Trade Organization on Wednesday that the US’ decision to impose what it has called reciprocal tariffs on Beijing threatens to further destabilise global trade.
“The situation has dangerously escalated. ... As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement to the WTO that was sent to Reuters by the Chinese mission to the WTO.
US President Donald Trump’s “reciprocal” tariffs on dozens of countries took effect on Wednesday, including massive 104 per cent duties on Chinese goods.
China told a WTO meeting on trade in goods that the reciprocal tariffs violated the organisation’s rules and undermined the multilateral trading system.
“Reciprocal tariff is not - and will never be - a cure for trade imbalances. Instead, they will backfire, harming the US itself,” China’s statement to the WTO said.
Source: Reuters
--Agencies
