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The Trump administration’s tariffs on China began Wednesday morning, with 104 percent duties on imports.
China also responded with its own new tariffs, moving its 34 percent tariffs up to 84 percent as part of an emerging trade war between the two economies.
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” China’s Ministry of Commerce wrote in a statement on Tuesday.
Treasury Secretary Scott Bessent said during a Wednesday appearance on Fox News’ “Mornings With Maria” that the Trump administration hopes to discuss negotiations with China soon.
“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. They have the most imbalanced economy in the history of the modern world,” Bessent said.
“I can tell you that this escalation is a loser for them, that they have some very smart the economist and the academicians, technocrats within their bureaucracy, and they would be telling the leadership that we do not have the edge here. They are the surplus country that their exports to the U.S. are five times our exports to China. So they can raise their tariffs. But so what?” he continued.
“No one wins in a war. But it’s proportionality. And the proportionality for the Chinese is going to be much worse.”
On Monday, Trump blasted China in a post to Truth Social ahead of enacting the new tariffs.
“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set,” he wrote.
“Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!” he concluded.