China’s Ministry of Finance announced Friday that it plans to increase its current tariffs on all U.S. goods amid escalating trade tensions between the two countries.
Tariffs on all U.S. goods will rise to 125% beginning on April 12, according to China’s Ministry of Finance. The announcement comes after President Donald Trump paused tariffs for other countries for 90 days on Wednesday, but made moves to increase tariffs on China.
“Given that American goods are no longer marketable in China under the current tariff rates, if the U.S. further raises tariffs on Chinese exports, China will disregard such measures,” China’s Ministry of Finance wrote in the statement, Bloomberg reported.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote Wednesday in a Truth Social post.
The White House clarified on Thursday that the U.S. was increasing tariffs on Chinese goods to 145%.
While some economists have praised the president’s sweeping tariffs, many Americans have expressed concern over how the fees may impact the U.S. economy. A majority of voters, 72%, think the tariffs will hurt the U.S. economy in the short-term, while a smaller majority, 53%, think the tariffs will hurt the U.S. economy in the long-term as well, according to a Quinnipiac University national poll released Wednesday.
Moreover, the majority of voters, 54%, disapprove of Trump’s early job performance on the economy, while only 44% approve, according to an NBC News poll released March 16.
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