Topics: China, Donald Trump, Money, Politics, US News, World News, Tariffs
China is refusing to back down in the wake of Donald Trump's latest controversial tariff threats.
The president peeved off dozens countries around the world last week when he unveiled a hefty list of tariffs on its trading partners in a bid to 'Make America Wealthy Again.'
Most of the US' trading partners were hit with a baseline levy of at least 10 percent over the weekend, while as many as 60 countries are bracing for higher tariffs from Wednesday (April 9).
In his 'Liberation Day' speech, Trump specifically identified the European Union and China as the biggest culprits who 'rip us off' the most, and outlined reciprocal tariffs of 20 percent and 34 percent respectively.
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The announcement came as the administration had already imposed 20 percent tariffs on China earlier this year, presenting a 54 percent hike overall, as apparently punishment for fentanyl trafficking.
Trump doubled-down by dubbing China the 'biggest abuser of them all' when it came to trading practices.
However, Beijing retaliated on Sunday (April 6) as global stock markets plummeted, threatening a counter-tariff of 34 percent on US imports.
In response, Trump encouraged China to remove the levy with a deadline of Tuesday (April 8), or face an additional 50 percent tax on top.
If this goes ahead, the US would rake in a combined 104 percent on Chinese imports.
Now, the East Asian country is standing firm and has accused the US of 'blackmail' and 'bullying'.
China's Commerce Ministry said in a statement earlier today that the US' imposition of 'so-called ‘reciprocal tariffs’ on China is 'completely groundless and is a typical unilateral bullying practice'.
It also said more counter-tariffs could be on the way to target American goods as the trade war continues to escalate.
“The countermeasures China has taken are aimed at safeguarding its sovereignty, security and development interests, and maintaining the normal international trade order. They are completely legitimate,” the ministry added.
“The US threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the blackmailing nature of the US.
"China will never accept this. If the US insists on its own way, China will fight to the end.”
In a news briefing, China's foreign ministry further accused the US of 'economic bullying' and of 'destabilising' the world's economies.
Lin Jian said America's 'abuse' of tariffs 'seriously infringes' on trade agreements around the world, telling reporters that 'trade wars have no winners.'
"If the US insists on waging the tariffs war and trade war regardless of the interest of both countries and the international community, China will play along to the end," Jian added.
The response comes as Trump wrote on Truth Social yesterday: "If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.
"Additionally, all talks with China concerning their requested meetings with us will be terminated!”
The move could give China a renewed motive to flood other trading countries with cheaper goods and establish better partnerships while inflicting higher costs for American consumers.
In the wake of fluctuating financial markets, economists and business leaders are also urging the US president to pause his tariff plans, including billionaire Trump ally Bill Ackman.
