China’s Finance Ministry announced that, in reponse to US tariffs on imported Chinese goods being raised to 104%, it would raise its own tariffs on American products, effective Thursday, April 10.
China’s Finance Ministry announced on Wednesday, April 9, that it was imposing additional tariffs on American products, increasing them “from 34% to 84%,” in an additional countermeasure to a further increase in US tariffs on imported Chinese products, announced by Donald Trump on Tuesday. On Wednesday, Trump’s total 104% tariff rate on Chinese exports to the US went into effect.
“The US’s practice of raising tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously harms the rules of the multilateral trading system,” the ministry announced in a statement. It added that the increase would take effect from 12:01 pm on Thursday, April 10.
Last week, China had said it would levy 34% tariffs on all US goods in response to Trump’s announcement of tariffs on countries around the world.
no one going to outlast the US playing this game. Remember the US can print money out of thin air!
So can any nation with its own currency. Its has a cost in the value of the currency though.
That only works as long as other country view the USD as a viable reserve currency