China on Wednesday hit back at the Donald Trump-led US administration with additional 50% tariff, according to Bloomberg report. This comes less than a week after Beijing imposed 34% tariffs on American imports.
The fresh measure raises the overall tariff levied by China on US goods to 84%.
The escalation in the tariff war came after the US president on Tuesday moved ahead with the imposition of cumulative tariffs as high as 104% on China.
The Asian economic powerhouse, which was already facing a slew of tariffs from the US, was imposed 34% reciprocal levies last week. After it retaliated with similar tariffs on US imports, Trump announced another 50% tariff on Chinese goods.
Trump's explosive new tariffs on 60 countries came into effect just after midnight Wednesday US time.
China, apart from increasing the levies on American imports as part of the retaliation, has now added six US firms to its unreliable list and 12 US entities to export control list. This comes after China said it would take “resolute and forceful” measures to safeguard its rights and interests.
"We will not tolerate any attempt to harm China's sovereignty, security and development interests”, PTI quoted Chinese Foreign Ministry spokesperson Lin Jian saying at a media briefing.
Additionally, China on Wednesday held a meeting on economy with experts. Post the meeting, the country said its economy is resilient despite the external factors, reported Bloomberg.
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