China announced today, Wednesday, that it will increase its reprisal customs duties on American products to 84%, instead of 34% as it was scheduled, in a new escalation of the trade war between Beijing and Washington.
The new customs duties imposed by US President Donald Trump entered into force on dozens of commercial partners today, Wednesday, with a rate of 104% on the imports of Chinese products.
Beijing continuously opposed the lifting of customs duties and said today, Wednesday, that it would take “firm and strong” steps to protect its interests.
The Chinese Ministry of Commerce later said in a statement that “the percentage of additional customs duties” will be raised from 34% to 84% “as of Thursday at 12: 1 local time (04:01 GMT).
Error accumulation
The ministry added that “the escalation of customs tariffs against China by the United States only leads to the accumulation of errors above errors and violated the rights and legitimate interests of China.”
She stressed that Washington’s measures “are seriously damaged to the multilateral trade system based on rules.”
Commenting on the developments, the chief economist at the Penpint Asset Management Company, Zewi Zhang, said that China “sent a clear signal that the government will adhere to its position on commercial policies.”
“I do not expect a quick and easy way out of the current trade conflict,” Zhang added, adding that “the damage to the economies will become clear soon.”
In a separate statement today, the Chinese Ministry of Commerce said that it will include 6 American artificial intelligence companies on the blacklist, including the “Sheld AIN” companies. And “Sierra Nevada Corp”.
The statement stated that companies either sold weapons to Taiwan or cooperated in “military technology” with Al -Jazeera.
https://www.youtube.com/watch?v=82jv7MOMDE0
A losing option
For his part, US Treasury Secretary Scott Besent said today that China’s move to impose 84% counter -duties against the United States is unfortunate and a losing option.
“I think that the Chinese’s unwillingness to attend and negotiate is unfortunate because they are the worst violators in the global trade system,” Besent said in an interview with Fox Business.
Today, Trump urged companies to start moving immediately to the United States to give birth to customs tariffs, hours after new fees were enforced.
“This is a great time to transfer your company to the United States of America, such as Apple, and as (other companies) do in standard numbers, pledging to be with” zero identifiers … and without environmental delays, “and continued,” Do not wait, do so now. “
