China tariffs on US goods touch 125 per cent

2nd-largest economy says trade war has become a joke, won’t impose any further hikes even if US retaliates

China on Friday hit back at the latest US tariffs, lifting the additional tariffs on products imported from the US to 125 per cent from 84 per cent, effective from April 12. China also filed lawsuit with the World Trade Organisation.

‘No sense in more tariffs’

China said given that there is no longer any possibility of market acceptance for US goods exported to the country under the current tariff levels, it won’t respond if the US continues to impose tariffs on Chinese goods. “It will ultimately go down as a joke in world economic history,” a statement said.

Spain’s PM visits China

Spain’s Prime Minister Pedro Sanchez visited China on Friday to boost investment from the Asian giant. Sanchez met with President Xi and is expected to meet business leaders from several Chinese companies, many of which produce electric batteries or are into renewable energy.

Xi calls on EU

President Xi appealed to the European Union (EU) to “jointly resist the unilateral bullying” by Washington. Xi called on the 27-member block to fulfil international responsibilities, work together to safeguard economic globalisation and the trading environment, and jointly resist bullying.

Resuming foreign visits

President Xi will visit three Southeast Asian countries early next week to strengthen regional cooperation in his first tour abroad after US President Donald Trump slapped 145 per cent tariffs against China’s exports. Xi will pay state visits to Vietnam, Malaysia and Cambodia—all part of the Association of Southeast Asian Nations (ASEAN) grouping—from April 14 to 18. China had the largest trade with ASEAN last year.

Volatile day for trade

Shares sank with Japan’s Nikkei 225 index down 4.7 per cent. South Korea’s Kospi fell 1.6 per cent, while in Australia, the S&P/ASX 200 shed 2.1 per cent. On Thursday, the S&P 500 tumbled 3.5 per cent. Dow Jones Industrial Average dropped by 2.5 per cent, and the Nasdaq composite tumbled 4.3 per cent.

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