By Ghazali Ibrahim 
China has on Friday announced that it will raise tariffs on US goods from 84% to 125%.
This move comes in response to the US increasing tariffs on Chinese goods to 145%.
The trade war has sparked fears of a global economic slowdown, with stock and bond markets experiencing alarm.
The US decision to pause import taxes for other countries has provided some relief, but concerns remain due to the significant economic influence of the US and China.
China’s new tariffs will affect goods such as soybeans, aircraft and parts, and drugs, which are among the country’s major imports from the US. In contrast, the US imports electronics, computers, cell phones, industrial equipment, and toys from China, which will see price increases due to the 145% tariffs.
China has denounced the US policy as “economic bullying” and promised countermeasures, including filing a lawsuit with the World Trade Organization.
According to AP news, a Chinese Finance Ministry spokesman said, “Washington’s repeated raising of tariffs will become a joke in the history of the world economy.”
However, if the US insists on continuing to substantially infringe on China’s interests, China will “resolutely counter and fight to the end.”
Chinese leader Xi Jinping also weighed in on the issue, stating, “There are no winners in a tariff war.” During a meeting with Spanish Prime Minister Pedro Sanchez, Xi emphasized that China has always relied on itself and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.
Chinese Foreign Minister Wang Yi said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”
Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing.
As the trade war continues to escalate, businesses and consumers are likely to feel the impact of the rising tariffs. The global economy is watching closely, with many hoping for a resolution to the tensions between the US and China.
