BEIJING – Trade conflict deepens in Pakistan as China hit back with 84 percent tariffs on Amercian goods, after Donald Trump’s move to jack up tariff to 84 percent.
Leading countries are reeling under the major escalation of an ongoing trade war, and now, the second largest economy China announced that it will increase tariffs on American imports to 84pc, up from the previous rate of 34pc from Thursday, after implementation of similar tariffs.
Chinese Ministry of Finance strongly denounced Washington’s actions, saying the latest tariff hikes exacerbate an already tense situation and infringe upon China’s legitimate rights and interests. The ministry further accused the U.S. of undermining the multilateral, rules-based global trade system.
Washington’s aggressive tariff escalation against Beijing piles mistake upon mistakes, Chinese official said, vowing firm and forceful steps to protect country’s interests.
The tariff increase signals China’s continued resolve in the trade dispute and reflects the country’s broader stance against U.S. economic policies. Zhiwei Zhang, the president and chief economist of Pinpoint Asset Management, noted that this latest development makes it clear that Beijing will not back down in the face of U.S. pressure.
China’s Ministry of Commerce announced that it would blacklist six US AI firms, including Shield AI Inc. and Sierra Nevada Corp., in retaliation for their involvement in military technology and arms sales to Taiwan. These companies are now restricted from doing business with Chinese firms, marking another blow in the escalating trade and technological rivalry between the two powers.
Amid tussle between two giants, experts sound alarm about prolonged trade conflict that could have widespread repercussions for global markets and international trade relations.
