China is to impose 84 percent tariffs on US imports, up from 34 percent, the Chinese Ministry of Finance said yesterday, hours after similar levies by the US came into force.
US President Donald Trump’s latest salvo of tariffs came into effect on dozens of trading partners, including punishing 104 percent duties on imports of Chinese products.
Beijing has consistently opposed tariff increases and said that it would take “firm and forceful” steps to protect its interests.
Photo: AFP
Its finance ministry later said in a statement that “additional tariff rates” on imports originating in the US would “rise from 34 percent to 84 percent,” effective from 12:01pm today.
“The tariff escalation against China by the United States simply piles mistakes on top of mistakes [and] severely infringes on China’s legitimate rights and interests,” the ministry said.
Washington’s moves “severely damage the multilateral rules-based trade system,” it added.
In a separate statement, the Chinese Ministry of Commerce said it would blacklist six US artificial intelligence firms, including Shield AI Inc and Sierra Nevada Corp.
The companies had either sold arms to Taiwan or collaborated on “military technology” with the nation, the commerce ministry said.
Asian and European shares slid yesterday after Trump threatened to add still more tariffs. Taiwan led losses in Asia, as the TAIEX fell 5.79 percent, while Japan’s Nikkei 225 dropped 3.9 percent and South Korea’s KOSPI retreated 1.7 percent.
Hong Kong’s Hang Seng Index rose 0.7 percent, and the Shanghai Composite index closed 1.3 percent higher, while India, Australia and New Zealand fell. In early European trading, Germany, France and the UK also moved lower.
Trump has said his government was working on “tailored deals” with trading partners, with the White House saying it would prioritize allies such as Japan and South Korea.
US Trade Representative Jamieson Greer also told the US Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.
Trump told a dinner with fellow Republicans on Tuesday night that countries were “dying” to make a deal.
“I’m telling you, these countries are calling us up kissing my ass,” he said.
Separately, Canada said that its 25 percent tariffs on certain US auto imports would come into force on yesterday, while the EU — which Trump has criticized bitterly over its tariff regime — might unveil its response next week to new 20 percent levies it faces.
In retaliation against the US steel and aluminum levies that took effect last month, the EU plans tariffs of up to 25 percent on US goods, including motorcycles, poultry, fruit, wood, clothing and dental floss, according to a document seen by Reuters.
They totaled about 21 billion euros (US$23.21 billion) last year, meaning the EU’s retaliation would be against goods worth less than the 26 billion euros of EU metals exports hit by US tariffs.
They are to be implemented in stages — on Tuesday next week, May 16 and Dec. 1.
Additional reporting by AP and Reuters
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