China declared on Thursday that it would ignore the United States’ “tariff numbers game,” responding to White House claims that Chinese goods face tariffs of up to 245% due to retaliatory actions.
What Happened: The escalation follows President Donald Trump‘s recent imposition of additional tariffs globally, which were rolled back for dozens of countries but maintained for China, according to a report by Reuters.
According to a White House fact sheet released Tuesday, China’s total duties include a 125% reciprocal tariff, a 20% tariff addressing the fentanyl crisis, and tariffs between 7.5% and 100% on specific goods.
Why It Matters: In response, Beijing increased its levies on U.S. imports and filed a new World Trade Organization complaint last week, alleging rule violations by Washington. China has not sought negotiations, maintaining that talks can only proceed based on “mutual respect and equality.”
China also unexpectedly replaced trade negotiator Wang Shouwen with Li Chenggang, its WTO envoy. The Trump administration has indicated openness to a trade deal but insists China must make the first move, stating that China needs “our money.”
Read Next:
- Retail Traders Rush Into Leveraged Tech ETFs, Betting On Nasdaq Rebound After Sharp Drop
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Tomas Ragina on Shutterstock.com
