FLASH
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China's countermeasures against the US have taken effect, raising tariffs on all US imports to 84% in retaliation for Trump's tariff hike on Chinese imports to 125%.
The escalating trade war between the world's two largest economies has reached unprecedented levels of cumulative tariffs and counter-tariffs, with neither side admitting it will back down.
Beijing has vowed to "fight to the end," refusing to back down in the face of Trump's efforts to bring world governments to the negotiating table.
China announced reciprocal tariffs of 34% in retaliation to Trump's first round, on what he called "liberation day."
Trump warned China to back off or he would raise theirs again. China refused, and the two sides began a series of tariff hikes. With Trump vowing 125% tariffs on Chinese imports, Beijing said it would impose 84% on American products. It has also placed 18 American companies on trade restrictions lists, among other countermeasures.
A China Daily editorial published last night says that "US pressure is unacceptable to Beijing."
"It's not that China doesn't understand what unprecedentedly high tariffs mean for its exports and the economy as a whole. The profits of export-oriented industries will take a hit, and the resulting decline in manufacturing investment and consumer sentiment will dampen economic growth."
But it also knows that bowing to US tariff bullying will get it nowhere, given that it is no secret that the US now aims to remove China from its consumer market and reshape global supply chains to serve its own narrow interests.
China now appears to be reaching out to other nations in an apparent effort to shore up trade deals away from the US and its punitive tariffs. Markets responded positively to Trump's pause, including China. Major Chinese trading markets had largely weathered the first worldwide carnage earlier this week, apparently due to government intervention.
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