“If the US insists on its own way, China will
fight to the end,” the Chinese Commerce Ministry said on Tuesday.( 8 April ’25)|
Photo Credit: KENT NISHIMURA
The United States
will impose a 104% tariff on China from 12:01 AM ET (0401 GMT) on Wednesday, a
White House official said after Beijing did not lift its retaliatory tariffs on
U.S. goods by a noon Tuesday deadline set by U.S. President Donald Trump
Earlier on
Tuesday, China slammed the US for threatening to raise tariffs and pledged to
retaliate if Washington follows through, raising the stakes of the trade war
between the world’s two largest economies.
“The US threat to escalate tariffs on China is a mistake on top of a
mistake, which once again exposes the extortionate nature of the US,” the
Chinese Ministry of Commerce said in a Tuesday statement. “If the US insists on
its own way, China will fight to the end.”
A gauge of Chinese
stocks listed in Hong Kong climbed 1.7% at the open as the nation’s
state-backed funds vowed to support the market. The index sank more than 13% on
Monday.
Beijing and Washington are already on track to raise blanket tariffs on
each other this week. Trump on Monday added a new threat to put an additional
50% levy on Chinese imports. That new charge would come on top of the 34% “reciprocal” duty
announced last week as well as a 20% levy that entered effect earlier this
year, according to a White House official. That takes the cumulative tariff
announced this year to 104%, or effectively
doubling the import price of any good shipped from China to the US.
Earlier in the
week the Communist Party’s official newspaper published an editorial declaring
Beijing is no longer “clinging to illusions” of striking a deal, even as it
leaves a door open to negotiations.
The escalation of
tensions is dimming the prospect of any imminent leadership call. Trump hasn’t
spoken with Chinese President Xi Jinping since returning to the White House, the longest a US president has gone without
talking to his Chinese counterpart post-inauguration in 20 years.
US threats and pressure are “not the right way to engage” with China and
the nation will defend its interests, China’s embassy in Washington said.
“The US hegemonic move in the name of ‘reciprocity’ serves its selfish
interests at the expense of other countries’ legitimate interests and puts
‘America first’ over international rules,” embassy spokesman Liu Pengyu said in
response to a question on the latest US move.
“China will firmly safeguard its legitimate rights and interests,” he
said, without specifying any actions.