China on 11 April announced another increase in import duties on goods from the US – this time to 125%. Previously, they were 84%.
The statement of the Ministry of Finance of China notes that this is a response to the increase in duties from the United States. The day before they reached 145% – to the “basic tariff” in 20% added another 125%.
US President Donald Trump on 9 April explained his decision to once again sharply increase tariffs “disrespect that China shows to world markets.
China, in turn, accuses the US of launching a trade war. According to Beijing, the US actions violate the rules of international trade, the basic laws of economics and contradict common sense. According to the Chinese side, the constant raising of tariffs to absurd levels will eventually turn into a farce.
Chinese President Xi Jinping on 11 April called on the European Union for joint action against the backdrop of US protectionist policies. Speaking during a visit to Beijing by Spanish Prime Minister Pedro Sanchez, Xi said China and the EU should stand united in confronting the US to “defend not only their legitimate rights and interests” but also “international justice”. Sanchez called for a more” balanced approach” in EU-China relations.
In the European Union earlier welcomed Trump’s decision to postpone for 90 days the introduction of increased duties for most countries in the world (China was not affected by this decision, for him the duty on the contrary increased). At the same time, the EU emphasises that it is ready for both negotiations with the US and events.
The introduction of duties by the US led to a fall in indices in the leading world markets, a fall in the dollar and fears of a possible global recession. Trump explains his actions by defending the interests of the USA and American companies.