The Chinese language flag flies in Tiananmen sq., as seen from the Nice Corridor of the Folks the place conferences of the Nationwide Folks’s Congress continued in Beijing on March 6, 2025.
Greg Baker | Afp | Getty Pictures
China’s Commerce Ministry stated it “resolutely opposes” U.S. President Donald Trump’s menace of escalating tariffs, and vowed to take countermeasures to safeguard its personal rights and pursuits.
The feedback got here after Trump stated he would impose an extra 50% responsibility on U.S. imports from China Wednesday, if Beijing doesn’t withdraw the 34% tariff it imposed on American merchandise final week.
“The U.S. menace to escalate tariffs on China is a mistake on prime of a mistake,” the assertion stated, in accordance with a CNBC translation. “China won’t ever settle for it. If the U.S. insists by itself means, China will battle to the top.”
Final Friday, China’s Finance Ministry introduced 34% in extra tariffs on all items imported from the U.S., beginning April 10, in retaliation to Trump imposing new levies of 34% on China. The across-the-board tariffs adopted two earlier rounds of 10%-15% tariffs, focusing on principally agricultural and vitality merchandise imported from the U.S.
Trump’s 34% tariffs on China have been on prime of the 20% duties rolled out since February, bringing the entire new tariffs this yr on China to 54%.
The Folks’s Financial institution of China on Tuesday set the midpoint fee for onshore yuan at 7.2038 per greenback, the weakest stage since September 2023, in accordance with knowledge supplier Wind Data. The yuan is allowed to commerce inside a 2% band of this midpoint fee.
As a part of the broad retaliatory measures, Beijing additionally positioned export curbs on key uncommon earth components, prohibited exports of dual-use objects to a dozen of U.S. entities, principally in protection and aerospace industries, and put 11 extra U.S. companies to its “unreliable entities listing,” subjecting them to broader restrictions whereas working in China.
