US-China Tension
As the trade conflict heated up further, China slapped a 125% duty on US exports on Friday after President Donald Trump hiked the tariffs on imports from China to 145% a day ago. It is a stern heightening of the trade war between the world's two leading economies, China asserting that even if the US introduces more duties, it won't retaliate anymore. As reported by Reuters, citing a finance ministry statement from China, the new tariffs were imposed as a reaction to the US "unilateral high-tariff imposition on China," which "violates economic and international and normal trade principles and common sense, as well as serious contravenes common economic rules and good sense."
The government of China also filed a complaint to the World Trade Organization (WTO) as US tariffs were claimed to pose a threat to international trade stability.
Aside from the tariff increase, China placed 12 US companies on its list of export controls and six others on its list of unreliable parties in retaliation against Trump's move.
The trade tensions heated up earlier this week when Trump declared a 145% tariff on Chinese imports on grounds of intellectual property theft and trade deficits. China's Premier Xi Jinping called on the European Union to join Beijing to resist what he labeled as "unilateral bullying" from the US. 'China and Europe need to act their roles in the world and, together, respond to unilateral bullying acts," Xi told the EU's honorary representative Leonardo Domenici, said state news agency Xinhua.
In spite of the increase, Trump has said he is willing to negotiate with China. "We're always willing to talk," Trump said. "But we can't just sit back and let them take advantage of us."
The trade war has far-reaching consequences for world trade and economic stability, with many experts cautioning that it could trigger a larger economic decline. As things continue to develop, one thing is certain: the US-China trade tensions are not going to dissipate any time soon
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