China hits back at US, raises tariffs from 84% to 125% from April 12

Beijing: China announced countermeasures on Friday, raising tariffs on US goods from 84% to 125% starting Saturday.

The US and China have escalated their trade war by raising tariffs even as US President Donald Trump hit a pause on tariffs for other countries.

Trump’s universal tariffs on China total 145%. When Trump announced Wednesday that China faced 125% tariffs, he did not include a 20% tariff on China tied to its role in fentanyl production.

China also filed a lawsuit with the WTO following the US tariff hikes, the Chinese commerce ministry said.

For China, the US is the third largest export market. Despite China putting a brave front, there is considerable concern here about the impact of Trump’s tariffs on China’s economy, which is struggling with a slowdown due to falling exports, low domestic consumption and collapse of the housing market. (AP)