The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.
Beijing "will take countermeasures in a resolute and reciprocal manner" if any country sought such deals, a ministry spokesperson said
On April 11, China dismissed Trump’s moves as a “joke” and raised its own tariff against the US to 125%
The heightened tariffs against China took effect at the same time Thursday as retaliatory levies of 84 percent slapped on by Beijing on US imports.
"The US continues to abuse tariffs to pressure China"
China, which retaliated with 34 percent duties on US goods, is the largest importer of US agricultural products
China announces 34% additional tariffs; Stock markets around the world keep falling, banks hit hard
Beijing slaps 15% levy on US LNG, coal; 10% on crude, farm equipment
However, China will be the most affected under Trump since he said there would be an additional 10 percent duty for goods coming from the Asian giant.
The new rules, which take effect on January 2 next year, will prohibit US-headquartered firms, citizens, and permanent residents from engaging in transactions involving cutting-edge technology like semiconductors, artificial intelligence (AI), and quantum computing
“Trade wars are good, and easy to win,” Donald Trump tweeted in March of 2018 when he was US president, just months before kicking off in earnest one of the largest trade conflicts in modern history.
