China on Thursday raised tariffs on U.S. exports to 84% from 34%, calling the U.S. president's decision to intensify the trade war "a mistake on top of a mistake."
The move from China came just hours after Donald Trump paused almost all his "reciprocal" tariffs but raised duties on Chinese imports to 125%, calling it a punishment for Beijing's retaliation, Independent reported.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump wrote in a post on Truth Social.
Daniel Russel, the vice president of Asia Society Media Relations, Trump's tariff pause leaves "China alone in the crosshairs," and said China will let "Trump overplay his hand" and is unlikely to change "its strategy: stand firm and absorb pressure.
"Beijing believes Trump sees concessions as a weakness, so giving ground only invites more pressure."
Trump's tariffs on Chinese imports have surged to 104% from 54%, and now to 125%. This builds on levies already in place before the start of his second term. In response, China has matched the escalation, imposing additional retaliatory tariffs on all U.S. imports, bringing the total to 84%, Guardian reported.
Meanwhile, EU member states approved retaliatory 25% tariffs on up to $23 billion in US goods from next week, in response to sweeping tariffs on steel and aluminum imposed by Trump last month.
"...based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump added in his post.
Trump paused tariffs above 10% on dozens of countries during a congressional hearing featuring Jamieson Greer, his US trade representative. All countries other than China will still face what Trump calls his "baseline" 10% tariff.
