China will raise tariffs on all US goods from 84% to 125% starting April 12, and said it plans to ignore any further increases announced by Washington from here.
The move — announced by the Ministry of Finance on Friday — came after the White House clarified that levies on Chinese goods rose to 145% this year. China said it no longer makes economic sense if the US imposes more tariffs.
“Given that there is no longer any possibility of market acceptance for US goods exported to China under the current tariff levels, if the US side subsequently continues to impose tariffs on Chinese goods exported to the US, the Chinese side will pay no attention to it,” according to the statement.
Bilateral US-China Tariffs Have Spiked | Changes in tariffs from Jan 1, 2025
S&P 500 futures fell further after China’s announcement, and futures on the Hang Seng China Enterprises Index pared gains. The dollar also extended declines, pushing Bloomberg’s index of the US currency to a more than 1% decline on the day.
See also: Trump lifts China tariffs to 145%
In a statement following China’s retaliatory move, the Commerce Ministry said Washington’s repeated use of excessively high tariffs has become little more than a numbers game — economically meaningless and revealing its use of tariffs as a tool for bullying and coercion. “It’s become a joke,” the ministry said.
