Tariff war, China takes on the US

Beijing has unofficially declared a tariff war against the US. It has announced that it is raising the tariff rates from 84 percent to 125 percent effective from tomorrow.

The move comes after President Donald Trump announced a pause on reciprocal tariffs. The pause however does not include tariffs on China which is at 145 percent, AP reported.

“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” said China’s Customs Tariff Commission of the State Council in a statement.

“With tariffs at the current level, there is no longer a market for US goods imported into China.

“If the US government continues to increase tariffs on Chinese goods exported to the US, China will ignore,” CNBC reported the translation.

The tariff imposed by Trump on Beijing also does not include China’s fentanyl production which is capped at 20 percent.