China on Tuesday swiftly retaliated against the latest United States tariffs, announcing increased import levies on $21 billion worth of American agricultural and food products.
The move escalates tensions between the world’s two largest economies, pushing them closer to a full-scale trade war.
Alongside the tariff hikes, Beijing imposed export and investment restrictions on 25 U.S. firms, citing national security concerns.
However, unlike its response to the Trump administration’s February 4 tariffs, China refrained from targeting major American brands.
According to Reuters, at a press conference, China’s foreign ministry firmly rejected U.S. pressure, stating that the nation has never yielded to coercion. “Trying to exert extreme pressure on China is a miscalculation and a mistake,” the ministry said.
The latest Chinese countermeasures coincided with the enforcement of a new 10% tariff imposed by U.S. President Donald Trump at 0501 GMT on March 4. The White House argues that the tariff hike is a response to China’s failure to curb drug flows, bringing the total duty on affected goods to 20%.
Beijing, however, has dismissed the move as “blackmail,” asserting that its anti-drug policies are among the strictest in the world.
ALSO READ: Tesla launches self-driving feature cars in China
Despite the escalation, analysts believe China is still open to negotiations. By keeping its tariff increases below 20%, Beijing appears to be leaving space for diplomatic talks with the Trump administration. “China’s government is signalling that they do not want to escalate,” said Even Pay, an agriculture analyst at Trivium China.
“It’s fair to say we’re in the early days of Trade War 2.0,” Pay added, noting that a prolonged conflict could still be avoided if Trump and Chinese President Xi Jinping reach an agreement.
The new U.S. tariffs add to existing duties on thousands of Chinese goods. Many of these products were already hit with sharp tariff hikes under former president Joe Biden last year, including a doubling of duties on Chinese semiconductors to 50% and a quadrupling of tariffs on Chinese electric vehicles to over 100%.
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
The Nigeria Police Force (NPF) has formally launched the Police Schools Protection Squad (SPS) for…
The Congress for Progressive Change (CPC) bloc within the All Progressives Congress (APC) has affirmed…
Aladeseyi was arraigned along with two chiefs of the community, Fasore Lawrence and Adegbenro Akanle,…
As the Catholic Church prepares to elect a new leader, the world turns its eyes…
Members of the All Progressives Congress (APC), All Progressives Grand Alliance (APGA), Peoples Democratic Party…
"We can't also punish the students for refusing to pay for the next session in…
This website uses cookies.