China said Friday it was raising tariffs on U.S. goods from 84% to 125%, the latest development in the escalating trade war between the two countries. It said the higher tariffs would take effect on Saturday.
“The U.S.’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion,” a statement put out by China’s commerce ministry said.
President Trump’s universal tariffs on China now total 145%, the Associated Press reported. Mr. Trump did not include a 20% tariff tied to the country’s role in fentanyl production in his announcement on Wednesday, the AP said.
China’s Commerce Ministry also said Friday that it had filed another complaint with the World Trade Organization over U.S. tariffs, the Reuters news agency reported.
“On 10 April, the United States issued the Executive Order, announcing a further increase of the so-called ‘reciprocal tariff’ on Chinese products. China filed a WTO complaint against United States’ latest tariff measures,” a statement from the Chinese mission said, according to Reuters.
The three main European stock indexes, after initial marginal gains, slumped after China’s announcement.
“Recession risk is much, much higher now than it was a couple weeks ago,” Adam Hetts, global head of multi-asset at Janus Henderson, told Reuters.
