Trade war: Beijing strikes back with 84% surtax on US products

Trade tensions escalate between the world’s two leading powers. China has announced a scathing response to Donald Trump’s protectionist measures: American products will be taxed up to 84%, as of April 10th, if Washington does not return to the negotiating table.

In a strongly worded statement, China’s Ministry of Foreign Affairs denounced the “hegemonic and intimidating” behavior of the United States. Beijing accuses Washington of extreme pressure and of blocking any balanced dialogue.

The reaction follows Trump’s decision to impose a 104% tariff on imports from China, an all-time record. These taxes are already causing turbulence on world market: stock markets are plummeting, the dollar is plummeting against the euro, and oil prices continue to plummet, already weakened by other US tariff measures.

China, unlike other countries such as Zimbabwe or Morocco, is refusing to negotiate for the time being, preferring to play the firm card. And the message is clear: if the United States wants to continue its economic offensive, it will have to face the consequences.

In this unprecedented showdown, financial markets are holding their breath, while the world is observing **the most violent trade escalation in decades.

source: AP News