China Vows to Fight to the End as Trump Raises Tariffs to 104%
In a significant escalation of trade tensions, former President Donald Trump has announced an increase in tariffs on Chinese goods to 104%, prompting a fierce response from China. Beijing has vowed to 'fight to the end' against these measures, signaling a potential intensification of the ongoing trade war between the two economic giants.
The tariff hike, which marks a sharp increase from previous rates, has been met with criticism from China, labeling it as 'tariff blackmail.' The move has caused market turmoil, with investors reacting to the heightened uncertainty in global trade relations. Influential Chinese bloggers have taken to social media to discuss potential retaliatory measures, suggesting a variety of options to counter the U.S. actions.
This latest development comes amidst a backdrop of strained U.S.-China relations, with both nations grappling with the economic fallout of their trade disputes. Analysts are closely watching the situation, as the increased tariffs could have far-reaching implications for global trade and economic stability.
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What are retaliatory tariffs?
Meaning of retaliatory tariff in English a tax that a government charges on imports to punish another country for charging tax on its own exports: China responded by saying it would impose retaliatory tariffs on a broad range of US products.
What is a global trade war?
A trade war is an economic dispute between two countries. It can occur when one country retaliates against another's perceived unfair trading practices with restrictions, such as tariffs, on imports.
When did tariffs on China start?
On June 15, Donald Trump released a list of $34 billion of Chinese goods to face a 25% tariff, starting on July 6. Another list with $16 billion of Chinese goods was released, with an implementation date of August 23.
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