Tariff war: The US and China have been at odds over the tariff issue, in view of which China has also imposed sanctions on 18 more US companies.
Tariff war, Private TV Geo News quoted a foreign news agency as saying that the two countries have also leveled accusations at each other. When US President Donald Trump accused China of currency manipulation, China called the US tariff bullying.
Contrarily, China has also imposed sanctions on 18 more US companies, and the Chinese Foreign Ministry says that China cannot be deprived of its right to development, and China will continue to take effective measures to protect its legitimate rights and interests.
Meanwhile, the European Union has also approved imposing a 25 percent retaliatory tariff on the US, while Russia has declared the US tariff to be against the principles of the World Trade Organization. A spokesman for the Russian Foreign Ministry says that the new tariffs clearly show that the US is not bound by international trade rules.
It should be noted that last week, US President Donald Trump announced retaliatory tariffs on various countries around the world. This tariff imposed by Trump has especially started a fierce trade war between China and the US.
After the Liberation Day tariff, the total US tariff imposed on China had increased to 54%, in response to which China announced to impose a 34% tariff on imports of American products and impose other trade restrictions on the US.
After China’s announcement, President Trump had said that if China did not withdraw the 34% tariff, the US would increase the tariff imposed on China to 104%. This 104% tariff on China came into effect yesterday.
Now, in response to the US’s 104% tariff, China has increased the tariff imposed on imports of American products to 84% and announced more trade restrictions, in response to which the US has now increased the trade tariff imposed on China to 125%.