New retaliation from China: A 84% customs duty will be applied to US products.

Beijing has increased customs duties on US products from 34% to 84% starting Thursday. This decision came after the US raised tariffs on Chinese goods and amid rising tensions regarding trade policies.

China has raised its "retaliatory" tariff on the US from 34% to 84%. This new tariff rate will come into effect on April 10 at 20:01 GMT. The Chinese Ministry of Commerce stated on Thursday, "The US's increase of tariffs on China is a mistake that seriously violates China's legitimate rights and interests and severely harms the rules-based multilateral trading system." US President Donald Trump had called on China to back down by implementing a 104% tariff on Chinese products. However, China reiterated that it would "fight to the end" against Trump's tariffs. In a comprehensive policy document released on Wednesday, it was argued that trade between the two countries is balanced, while the US's initiation of a 104% tax on Chinese goods was also evaluated. While the Chinese government did not provide information about whether it is open to negotiations with the White House, it pointed out that many countries have started negotiations. In its statement, the Chinese Ministry of Commerce said, "If the US insists on escalating its economic and trade restrictions, China has the determination and ample means to take necessary countermeasures; it will fight to the end." Last week, China announced that it would impose a 34% customs duty on all products imported from the US, introduce export controls on rare earth elements, and take other measures in response to Trump's "Day of Liberation" tariffs. Following this step, Trump announced additional 50% taxes on products from China, declaring that the grace period he had given to the country had ended. The Chinese government refrained from providing information on whether it would enter negotiations with the White House, unlike many other countries.

"An equal stance should be adopted." Chinese Foreign Ministry spokesperson Lin Jian stated on Wednesday, "If the US really wants to solve the problems through dialogue and negotiation, it should adopt a stance based on equality, respect, and mutual benefit." The policy document noted that the promises made in the "first phase" trade agreement signed during Trump's first term were not upheld by the US. It was argued that the US law banning TikTok unless it is sold by its Chinese parent company violates the commitment that neither party would force the other to transfer technology. Last week, Trump granted TikTok an additional 75 days for its operations due to the failure to reach an agreement on the sale to a US company. ByteDance officials conveyed to the White House that China would not approve this sale and that it should be tied to negotiations on trade and customs duties. Additionally, the document argued that when considering service trade and US companies' branches in China, the economic relations between the two countries are "roughly balanced." It was stated that China had a $26.57 billion deficit in service trade with the US in 2023, which comprised sectors such as insurance, banking, and accounting. Trump's tariffs were designed solely to close the gaps in tangible goods trade.

"It will ultimately hit the US." The Chinese Ministry of Commerce stated, "History and facts have shown that increasing tariffs will not solve the US's problems; instead, it will lead to sharp fluctuations in financial markets, increase inflationary pressures in the US, weaken industrial infrastructure, and raise the risk of economic recession. This will ultimately hit the US itself."