China Raises Tariffs on US Goods to 84%

Afghan Voice Agency (AVA): A statement issued today by the Chinese Ministry of Commerce said that despite increasing risks and challenges, China’s foreign trade remains highly resilient and China will continue to cooperate with its trading partners.

 

A spokesperson for the Chinese Ministry of Commerce stressed in the statement that the US’s action in imposing new tariffs is a serious violation of World Trade Organization rules and that the new 50% increase is another mistake in the country’s unilateralism and economic bullying.

 

"China will fully defend its legitimate rights and uphold the multilateral trading system and the international economic and trade order," he said.

Details of the tariff hike

 

The Customs Tariff Commission of the State Council, under the Ministry of Commerce, announced that from 12:01 p.m. on April 10, the additional tariff rate on imports of goods originating in the United States will be increased from 34 percent to 84 percent.

 

Xiao Lu, deputy director of the Foreign Trade Administration of the Ministry of Commerce, said at a press conference that China's vast market is continuing to unleash its potential, and support measures to stabilize the economy and foreign trade are being pursued and effective.

 

He added that the foundations of sustainable and long-term growth of foreign trade have not changed, and China believes in its own ability and confidence to cope with risks and challenges.

 

Xiao Lu also pointed to China's trade volume, saying, "In 2024, China's import and export volume of goods will reach 43 trillion yuan, and China's share of the global export market will reach about 14.7%. Nearly 700,000 companies are active in the foreign trade sector, of which more than 80% are private companies."

 

He emphasized, "China's doors will be more open to the world, and the country is committed to the real implementation of multilateralism and the safeguarding of the global trade order."

 

According to Tasnim, according to statistics from the Ministry of Commerce, China has signed 23 free trade agreements with 30 countries and regions. Last year, China's trade volume with countries participating in the Belt and Road Initiative accounted for more than 50% of China's total foreign trade for the first time.

 

China appears to be seeking to create a new supply chain through the New Silk Road Initiative to counter economic pressure from the United States and strengthen its trade interests.