Beijing said the rules will come into effect from April 12th.
Beijing announced on Friday that tariffs on US imports would increase from 84% to 125% in retaliation against the US decision to raise its Chinese goods duties to a total of 145%.
On April 10, the White House confirmed that US tariffs on Chinese products had risen to 145%, taking into account the initial 20% tariffs imposed in connection with fentanyl trafficking.
US Treasury Secretary Scott Bescent criticized China for raising tariffs on American goods to 84%, saying it would ultimately hurt China even more.
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He said, “The proportionality of the Chinese will be even worse.”
“They have the most disproportionate economy in modern world history, and this escalation can be said to be a loser to them,” he told Fox Business.
He said a good step for Chinese people is to “accept the precursor chemicals of fentanyl come from China.”
When asked if he was ready to remove Chinese stocks from the US exchange, Bescent said, “It’s all on the table.”
“The US is trying to readjust for more production. China needs to readjust for more consumption,” he said.
“I hope at some point we will recognize that in the near future, the era in which China will tear the US and other countries apart is no longer sustainable or acceptable,” he said.
This is a developing story and will be updated.
