China returns to the United States and will increase tariffs on US assets from 84% to 125%

Beijing (AP) – China announced on Friday that tariffs on US goods will increase from 84% to 125%, the last save in a growing commercial war between the two largest economies in the world that has shaken the markets and generated fears of a global deceleration.

While the president of the United States, Donald Trump, stopped import taxes this week for other countries, raised tariffs on China and now add up to 145%. China has denounced politics as “economic harassment” and promised countermeasures. The new tariffs begin on Saturday.

The repeated collection of Washington Rates “will become a joke in the history of the world economy,” said a spokesman for China’s Ministry of Finance in a statement that announces the new tariffs. “However, if the United States insists on continuing to substantially violate China, China will counteract and fight until the end.”

The China Ministry of Commerce said it would file another lawsuit with the World Trade Organization against US Tariffs.

“There are no winners in a tariff war,” said Chinese leader Xi Jinping during a meeting with the Spanish prime minister Pedro Sánchez, according to a reading of the state station CCTV. “For more than 70 years, China has always been based on itself … and hard work for development, it never depends on anyone’s favors and does not fear any unreasonable suppression.”

China’s Foreign Minister Wang Yi said on Friday that China remains firm against Trump’s tariffs not only to defend their own rights and interests, but also to “safeguard the common interests of the international community to ensure that humanity is not dragged to a world of jungle where you could do the right thing.”

Nurphoto through Getty Images

Wang made the comments when he met Rafael Mariano Grossi, general director of the International Atomic Energy Agency in Beijing. Wang said that China “will work together with other countries to jointly resist all retrogive actions in the world.”

“The risk that this growing commercial war leads to the world to a recession is increasing as the two largest and most powerful countries in the world continue to retreat with higher and higher rates,” Jennifer Lee, a senior economist of BMO Capital Markets, wrote Friday, wrote Friday. “No one really knows when this will end.”

Chinese tariffs will affect goods such as soybeans, airplanes and their pieces and drugs, all among the important imports of the United States Beijing, meanwhile, suspended sorghum, poultry and birds of bonemeal of some US companies last week, and put more export controls in rare land minerals, criticisms for several technologies.

Meanwhile, the main imports of the United States of China include electronics, such as computers and cell phones, industrial equipment and toys, and it is likely that consumers and companies see prices increasing in these products, with tariffs now to 145%.

Trump announced Wednesday that China would face 125% tariffs, but did not include a 20% rate in China linked to its role in fentanyl production.

White House officials expect import taxes to create more manufacturing jobs by returning production to the United States, politically risky compensation that could take years to materialize, if they do.