China has announced plans to increase tariffs on American goods from 84% to 125%.
This decision is in retaliation to the escalating U.S. trade measures under President Donald Trump, adding to the ongoing trade war between the two largest economies in the world.
Driving the news: U.S. President Donald Trump has raised tariffs on China to 145%, despite pausing import taxes for other countries.
- This move has been criticized by China as “economic bullying,” leading to Beijing’s decision to implement higher tariffs on American products starting Saturday.
What we’re watching: Chinese officials have indicated that they will file a lawsuit against the U.S. with the World Trade Organization, emphasizing the negative impact of tariff wars on global economic stability and development.
