Trade War Escalation: China Slaps 125% Tariffs on US Goods in Retaliation
In the latest escalation of the trade war between the two nations, China has announced that it will raise tariffs on all US goods to 125% starting from 12 April, marking a significant increase from the previous 84% rate. This move brings China's tariffs in line with the 'reciprocal' levy imposed by the US on Chinese imports, as the trade tensions between the two countries continue to intensify. The increased tariffs are expected to have far-reaching implications for businesses and consumers on both sides, with potential impacts on international trade, global markets, and economic growth. As the trade war rages on, experts warn of a potential slowdown in economic activity, increased costs for consumers, and a rise in protectionism. The US-China trade war has been ongoing for several years, with both countries imposing tariffs on each other's goods, including electronics, machinery, and agricultural products. With the latest escalation, the trade war is showing no signs of abating, and the global economy is likely to feel the effects. Key terms associated with this issue include trade war, tariffs, and international trade agreements.