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The White House said China is now facing up to a 245 percent tariff on imports to the U.S. “as a result of its retaliatory actions,” another escalation in a trade war between the world’s two largest economies.
The top potential tariff is higher than the previously stated 145 percent and was referenced in a fact sheet published by the White House late on Tuesday.
It accompanied an executive order signed by President Donald Trump that launched an investigation into the “national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.”
Chinese foreign ministry spokesperson Lin Jian was asked about the 245 percent rate at a press briefing on Wednesday. “You can ask the U.S. side for the specific tax rate figures,” Lin said, China News Network reported.
“This tariff war was initiated by the United States, and China’s necessary countermeasures are to safeguard its legitimate rights and interests and international fairness and justice, which are completely reasonable and lawful.”
Trump imposed a 10 percent tariff on imports from all countries. He has temporarily paused additional “reciprocal” rates set individually for each country depending on the trade barriers faced by the U.S. to allow time for negotiations on new deals.
The exception to that pause is China, which is facing increasingly higher tariffs from the U.S. and has responded in kind, among other countermeasures.
This week, China imposed more export controls on rare earths, which include materials used in high-tech products, aerospace manufacturing, and the defense sector.
Despite the eye-watering tariffs and tough rhetoric, both the U.S. and China have said they are open to talks on trade, though further tit-for-tat retaliation is likely in this conflict between two great powers.
It’s not China “facing” the tariffs, it’s Americans
Indeed and the US had lumped in nations who they would have previously called friends and fucked them as well.
Short term lots of nations will feel some.pain, longher term of China plays it’s cards right, the US continues it’s slide into irrelevance.
As an Australian i hope we pivot to Europe and build stronger relationships there but we have a long tradition of our tongue being stuck firmly up the arsehole of the US.
If Australia pivots to the EU, then that just means Australia will pivot to wherever the EU pivots, the heavily financialized US or the industrialized PRC. The EU has neither the immense finance Capital of the US nor the industrial capacity of the PRC, so it must maintain stronger ties with one of those options, and it’s increasingly clear which one the winds favor.