Beijing on Tuesday announced retaliation, reiterating a strong opposition to Donald Trump’s plan to impose an additional 10 % tariff on Chinese imports due to a fantasy dispute.
A Chinese Ministry of Commerce spokesperson accused the United States of ignoring facts and international trade rules, saying it was a traditional example of unilateral policy and bullying.
According to the Washington Post, the additional 10 % tariff came into force from Tuesday, which reached 45 % of the total revenue on some Chinese goods.
In a statement released on its website, the Chinese Ministry of Commerce has called on Washington to ‘respect the rights and interests of other countries’ and ‘immediately withdraw unilateral and harmful unilateral taxes to the United States.’
The ministry hoped that ‘the United States would look into trade issues in a realistic and objective manner and would soon return to the right path to resolve differences through good faith.’
Government Media Global Times reported on Monday that Beijing is developing relevant response measures in response to this new pressure from US taxes on Chinese products.
According to the report, these retaliation will also include revenue as well as non -revenue measures, which can be a target of US agricultural and nutritional products.
According to the US Department of Agriculture, in 2023, China was 17 % of US agricultural exports.
Last month, Donald Trump claimed that “drugs are still entering our country from Mexico and Canada at a very high and unacceptable level.”
He also said that a ‘large quantity’ of these deadly goods was being manufactured in China.
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China dismissed the allegation, saying that “China is among the world’s toughest counter -drugs and countries with enforcement system.”
The statement added that “the United States is acting in a false statement and is repeating its mistakes by imposing taxes on Chinese exports by justifying the issue of fantasy.”
On Tuesday, after the US government implemented new taxes on China, Canada and Mexico, Asian stock markets fell and bond prices fell, as investors took careful attitude towards potential intensity in the global trade war.
Donald Trump announced that 25 % of revenue on Canada and Mexico would be implemented from Tuesday, which Canada threatened with retaliation.
Following the announcement, the value of the Canadian dollar and the Mexican pace saw a significant decline, while the Chinese yuan of noise trading fell something above the lowest level after February 13.
The downturn in the US stock market also affected the Asian stock markets.
The S&P 500 index went down to 1.8 % and Nesdak 2.6 %, which is the biggest loss this year.
Crude oil prices remained at the lowest level of 12 weeks, while Bitcoin prices increased tremendously at the beginning of the week and it reached close to $ 95,000, but later falling down, it costs around $ 86,000.
Technology stocks faced the highest pressure, resulting in Japan’s Nikki index 2.2 percent and Taiwan’s benchmark index fell to 1.3 percent.
