On April 8 Eastern Time, the US side further increased the so-called "reciprocal tariff" of 34% originally announced on Chinese products imported to the US by 50%, up to 84%. On the 9th, the Tariff Commission of the State Council issued an announcement stating that starting from 12:01 pm on the 10th, the additional tariff rate on all imports originating from the United States would be raised from 34% to 84%. CNN reported on the 8th that in the past few days, China has conveyed a clear message to both domestic and international audiences: China is fully prepared for a trade war and will emerge even stronger.
"China expressed that the US side's new tariff threat is 'adding insult to injury,'" CNN reported on the 8th. The Chinese side stated that the threat made on the 7th once again exposed the US side's extortionate nature, which China absolutely does not accept. BBC cited analysts on the 8th as saying that China is unlikely to yield in the tariff war. "I believe when China says it will see this through to the end, it means it," they said. The Financial Times also quoted a Chinese expert as stating that despite the trade turbulence brought about by the US government, Beijing will adhere to its stance, "there is no way it will give in to intimidation." CNN cited Chinese scholars as saying that the important message China is sending to the world is that we cannot back down or tolerate US hegemonic behavior, as tolerating such actions will only lead to more bullying. The Frankfurter Rundschau reported on the 8th that China remains calm in the face of US tariff shocks because it is well-prepared for the trade conflict.
Associated Press reported that the US threat to China on the 7th has sparked new concerns that its so-called effort to rebalance the global economy might escalate into a financially disruptive trade war. If the US further increases tariffs on goods imported from China, it will not only raise prices for American consumers but also encourage China to supply more goods to other countries and seek to deepen relations with other trading partners.
The Business Insider website noted that China's countermeasures may indicate that it considers the US' "reciprocal tariff" action too aggressive. Although the US enjoys advantages due to being the world's largest economy and consumer market, China also holds its own cards. Associated Press reported on the 8th that experts stated China still has a series of options to counter the US, including suspending cooperation on combating fentanyl, cracking down on US service trade in China. In addition to these measures, messages disclosed online in China on the 8th revealed that China is also preparing to impose significantly higher tariffs on US soybeans, sorghum, and other agricultural products, ban US poultry imports, prohibit US films, and investigate the profit situation of US companies regarding intellectual property rights in China.
Reporter Ni Hao of the Global Times ● Special Correspondent Qing Mu of the Global Times in Germany ● Pei Ming
Original article: https://www.toutiao.com/article/7491277929935127092/
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