China's finance ministry on Friday announced that it has raised additional tariffs on US goods from 84 per cent to 125 per cent.
"The U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion," the Chinese finance ministry was quoted by Reuters as saying.
“If the US insists on continuing to infringe upon China's interests in a substantive way, China will resolutely take countermeasures and fight to the end,” the ministry said.
“If the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it,” the Chinese finance ministry added.
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China seeks EU support against ‘unilateral bullying’ by US
Earlier, Chinese president Xi Jinping urged the European Union to join hands with Beijing in resisting "unilateral bullying", after US President Donald Trump's tariff onslaught sparked mayhem on world markets.
"China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices," AFP quoted the Chinese leader as saying.
{{/usCountry}}"China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices," AFP quoted the Chinese leader as saying.
{{/usCountry}}Trump’s universal tariffs on China total 145%. When the US President announced Wednesday that China faced 125% tariffs, he did not include a 20% tariff on Beijing tied to its role in fentanyl production.
The US’s latest tariff increase came after Beijing late Wednesday said it will impose an 84% levy on all imports from the US. That was after Trump earlier raised the tariffs on Chinese goods to 104%.
Chinese authorities on Tuesday pledged to “fight to the end” in response to Trump’s tariffs, while signaling willingness to talk with the US. They also stepped up efforts to prop up stocks, with some state-backed funds purchasing equities and exchange-traded funds.
Despite the resilience of Chinese equities, the increasingly adversarial bilateral relations have prompted some global investors to cut exposure.
According to Bloomberg, three of the largest US-listed exchange-traded funds tracking Chinese stocks saw a deepened selloff on Wednesday, with traders offloading almost $1 billion worth of shares in a single day.
(With agency inputs)