China to increase tariffs on US goods to 125% starting Saturday, finance minry says | World News
Beijing will impose 125 per cent tariffs on US goods from Saturday, up from the 84 per cent previously announced, news agency Reuters quoted the Chinese finance minry said on Friday. This comes a day after the Trump adminration decided to pause tariffs for 90 days on many countries, but hit China with a 145 percent tariff amid the ongoing trade wars.
“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Minry said in a statement, as per Reuters.
Earlier this week, the White House kept the pressure on the world’s No.2 economy and second-biggest provider of US imports singling it out for an additional tariff increase, having paused most of the “reciprocal” duties imposed on dozens of other countries.
(With inputs from Reuters)
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