China Condemns U.S. Tariffs, Vows Counter-Measures and International Reactions
China’s Ministry of Commerce condemned new U.S. tariffs as unilateral bullying and called for their immediate cancellation, promising resolute countermeasures. Other countries, including Canada, South Korea, and Australia, have expressed dissatisfaction and proposed various responses to the tariffs, highlighting the potential for a broader international trade conflict.
On Thursday, China’s Ministry of Commerce expressed strong opposition to the U.S. tariffs imposed by President Donald Trump, labeling them as a “typical unilateral bullying practice.” The ministry insisted that the U.S. should “immediately cancel” these unilateral tariffs, warning that China would take “resolute counter-measures” to protect its interests against what they deem excessive tariffs, which analysts believe are the steepest seen in a century.
The tariffs enacted include a staggering 34% on Chinese imports, alongside varying rates for other countries such as 20% on the European Union, 46% on Vietnam, and 32% on Taiwan. Notably, these rates add to an existing 20% tariff on U.S. imports from China, thus raising the total to 54%. According to Tai Hui of JP Morgan Asset Management, this escalation may lead to the highest average tariff rates in the U.S. since the early 1900s, potentially impacting global economic growth.
Beijing is expected to retaliate with “forceful but proportionate” actions, which could extend beyond merely increasing tariffs, targeting U.S. companies that depend heavily on the Chinese market. Stephen Olson from the Yusof Ishak Institute anticipates that the U.S. and China will seek negotiations to establish a broader agreement, yet warns of potential further deterioration before improvement arises.
Other nations have echoed China’s dissatisfaction with these tariffs. Canadian Prime Minister Mark Carney vowed to counter the tariffs “with purpose and with force,” while South Korea’s acting President, Han Duck-soo, has initiated emergency support for affected industries, especially in automotive. Australia’s Prime Minister Anthony Albanese criticized the tariffs as a “poor decision,” without considering reciprocal actions.
In addition, Japan’s Trade Minister Yoji Muto announced that a task force has been established to assess the tariffs’ impacts, particularly noting Japan’s automobile sector, while Thailand’s Prime Minister plans short-term responses to the 36% new tariff. Ursula von der Leyen, the President of the European Union, disclosed that further countermeasures are being prepared should negotiations with the U.S. falter.
In summary, the U.S. tariffs led by President Trump have provoked significant backlash from China and several other nations, resulting in threats of countermeasures and negotiations. China seeks the immediate cancellation of these tariffs while preparing to safeguard its own economic interests. Various countries, including Canada, South Korea, Australia, Japan, and Thailand, have responded with their own strategic plans to counteract the effects of these tariffs. This situation underscores the serious implications for global trade dynamics and potential economic growth.
Original Source: www.nbcnewyork.com
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