China has hit back at the US, raising retaliatory import tariffs to 125%
China has announced that it will raise retaliatory tariffs on select US imports from 84% to 125%, further intensifying the trade dispute between the world’s two largest economies. The move, detailed in a statement from Beijing’s State Council Tariff Commission, comes in direct response to Washington’s latest increase.
US President Donald Trump had recently declared a 90-day suspension of reciprocal tariffs on imports from 75 countries, lowering them to 10%, while simultaneously raising duties on Chinese goods from 104% to 125%.
Beijing’s earlier decision to increase tariffs to 84% was itself a response to prior US measures, setting off the latest round of tit-for-tat escalation in the spiraling tariff war.
11 April 2025
12:29 GMT
Chinese President Xi Jinping will visit Vietnam, Malaysia, and Cambodia next week, just days after Trump targeted Southeast Asian nations with some of his steepest “reciprocal” tariffs.
China’s Foreign Ministry said on Friday that Xi will travel to the three countries between April 14 and 18, marking his first foreign trip of 2025.
The visit comes after Trump announced plans to impose tariffs of 46% on Vietnam, 49% on Cambodia, and 24% on Malaysia, before later announcing that the measures would be paused for 90 days.
12:17 GMT
JPMorgan CEO Jamie Dimon has warned that the escalating global trade war is adding to growing economic uncertainty.
“The economy is facing considerable turbulence, with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’” Dimon said.
He noted that investment banking clients “have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions,” adding that inflation remains “sticky.”
11:31 GMT
European Trade Commissioner Maros Sefcovic will travel to Washington on Sunday for negotiations, an EU spokesperson told Ireland's RTE radio.
“The trade commissioner is heading to Washington to work on securing agreements — that is our priority,” European Commission trade spokesperson Olof Gill said. “All options remain on the table if those talks fail to produce a satisfactory outcome,” he added.
11:28 GMT
Why has Africa emerged as one of the primary victims of Trump’s new trade policy? In his analysis, researcher Vsevolod Sviridov explains why the “Sword of Damocles” tactic is common for the US and when it actually switched from being a “buyer” to a “seller” model in global trade.
11:27 GMT
Germany’s export-reliant economy will inevitably feel the fallout from the intensifying trade conflict between China and the US, Reuters cited an unnamed government spokesperson as saying on Friday.
“As a country heavily dependent on exports, Germany will of course not remain untouched by these developments,” the spokesperson said.
09:57 GMT
The US dollar fell to its lowest level against the euro in more than two years on Friday, as market jitters over the escalating US-China trade war weighed on the currency.
By about 9am GMT, the greenback had slipped 1.96% to trade at $1.14 against the euro – its weakest level since February 2022.
The broader US dollar index, which tracks its performance against a basket of major currencies, was also down 1.3%.
09:46 GMT
Chinese President Xi Jinping declared on Friday that China is “not afraid” in the face of its escalating trade conflict with the US — his first public remarks on the deepening dispute.
Speaking in Beijing ahead of the announcement of new tariffs on US goods, Xi told visiting Spanish Prime Minister Pedro Sanchez that “there are no winners in a trade war, and going against the world will only lead to self-isolation.”
“For more than 70 years, China’s development has been built on self-reliance and hard work — never on handouts from others — and it is not afraid of any form of unjust suppression,” Xi said, according to state broadcaster CCTV.
09:42 GMT
European stock markets turned lower on Friday morning after China announced it was raising its retaliatory tariffs on US goods to 125%, up from 84%.
The region’s benchmark Stoxx 600 index opened in positive territory but slipped 0.9% by 4:40 a.m. ET. France’s CAC 40 and Germany’s DAX also lost ground, both down 0.9% and 1.2% respectively.
London’s FTSE 100 was more resilient but still edged 0.2% lower in early trading.
09:20 GMT
China’s Commerce Ministry has said that additional US tariff hikes would no longer make economic sense and could be remembered as a misstep in the history of the global economy.
The Ministry noted that, with current tariff levels, there is essentially no market left in China for US imports. It added that if the US government continues to raise tariffs on Chinese goods, Beijing would “ignore” them.
08:42 GMT
China’s Commerce Ministry has sharply criticized the United States’ ongoing high tariffs, describing them as a “numbers game” with little real economic impact.
According to the Ministry, these measures lack practical significance and fail to benefit either country in the long run. It also confirmed that a lawsuit has been filed with the World Trade Organization (WTO), challenging the legality of the fresh US tariff hikes.
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