Beijing on Friday increased its tariffs on US imports to 125%, hitting back against US President Donald Trump’s decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to up-end global supply chains.
The hike comes after the White House kept the pressure on the world’s No.2 economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having paused most of the “reciprocal” duties imposed on dozens of other countries.
“The U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement.
The escalation has intensified volatility in global financial markets. While US stock indexes saw modest gains amidst the turmoil, European stocks declined, and Japan’s Nikkei 225 dropped 3% by week’s end.
The US dollar continued its downward trend, posting its worst week since 2022, while the euro surged to a three-year high.
In response to the U.S. tariffs, China has also filed a complaint with the World Trade Organisation, accusing the United States of coercive and unilateral trade practices.
Additionally, China has imposed tariffs on various U.S. products, including coal, liquefied natural gas, crude oil, agricultural machinery, and large-displacement vehicles .
The situation remains fluid, with potential implications for global supply chains and economic stability. Analysts are closely monitoring developments, as further retaliatory measures could exacerbate tensions and impact international trade dynamics.
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