Topline
China raised its tariffs on all U.S. imports to 125% on Friday in retaliation against the Trump administration’s latest escalation on the matter, as the country’s President Xi Jinping commented on the escalating trade clash for the first time and urged the European Union to side with it in pushing back against Washington.
China’s President Xi Jinping and Spain’s Prime Minister Pedro Sanchez arrive to a bilateral meeting … More
Key Facts
Beijing’s State Council Tariff Commission announced it was raising its tariffs on all U.S. imports from 84% to 125% as a tit for tat response against President Donald Trump’s decision to raise “reciprocal tariffs” China to the same level on Wednesday.
While announcing the latest tit-for-tat hike, Chinese officials said they do not plan to respond to any further escalations in the tariff rate by the U.S., saying the “abnormally high tariffs” violate international trade rules and “common sense.”
The announcement comes shortly after Chinese President Xi Jinping publicly commented on the escalating trade clash for the first time while meeting Spanish Prime Minister Pedro Sanchez in Beijing.
Xi reiterated his country’s stance that “There is no winner in a tariff war,” the state-controlled Xinhua News Agency reported.
The Chinese President also urged the European Union to side with Beijing and jointly “oppose unilateral bullying practices.”
This is a developing story.
