The trade war is on. The The Chinese Ministry of Finance has announced the implementation of a new retaliatory tariff, set at 34%, in direct response to the new tariffs announced by the Trump administration last week. However, the U.S. countered with an additional 50% increase, which went into effect this Wednesday.
In total, Washington has imposed a cumulative tariff of 104% on Chinese goods, White House press secretary Karoline Leavitt said during a press briefing on Tuesday. This suggests that the 84% tariff announced by Beijing includes the two previous 10% increases applied in February and March.
The Chinese Ministry of Finance denounced that the tariff measures adopted by the United States violate the country’s rights and interests. This response is part of the countermeasures promised by Beijing, which has reiterated its commitment to confront the trade policies pushed by the Trump administration. China has already responded in the past with tariffs targeting strategic U.S. sectors such as agriculture, automotive and energy.
For his part, Treasury Secretary Scott Bessent called China’s decision “a loss for them” during an interview with Fox Business on Wednesday. “They can raise their tariffs, so what?” he said, noting that the trade imbalance favors China, which exports far more to the United States than it imports.
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