Summary
- China has informed the World Trade Organization that U.S. reciprocal tariffs will destabilize global trade.
- China expressed firm opposition to the measure, stating it violates WTO regulations and will not resolve trade imbalances.
- China announced it will raise the tariff rate on U.S. imports from 34% to 84%.
China has submitted a statement to the World Trade Organization (WTO) stating that the reciprocal tariffs imposed by the United States on China will further destabilize global trade.
According to Reuters on the 9th (local time), China stated in a statement sent to the WTO that "the situation is dangerously escalating. As one of the WTO member countries affected by this measure, China expresses serious concern and firm opposition to this reckless action."
China argues that the reciprocal tariffs violate WTO regulations and undermine the multilateral trading system.
China stated, "Reciprocal tariffs are not a solution to trade imbalances and will never be. Instead, they will backfire and harm the United States itself."
U.S. President Donald Trump added an additional 50% tariff as a retaliatory measure against China's counter tariffs on the 34% reciprocal tariffs announced on the 2nd. As a result, a total of 104% tariffs have been imposed on Chinese products, combining the 10% tariffs imposed in February and March.
In response, China announced that it would raise the additional tariff rate on all U.S. imports from the existing 34% to 84% starting on the 10th.
Jang Ji-min, Hankyung.com guest reporter newsinfo@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
