Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to up-end global supply chains, reports Reuters.
The hike comes after the White House kept the pressure on the world's No.2 economy and second-biggest provider of U.S. imports by singling it out for an additional tariff increase, having paused most of the "reciprocal" duties imposed on dozens of other countries.
"The U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion," China's Finance Ministry said in a statement.
Chinese leader Xi Jinping said his nation was “not afraid” in his first public comments on the trade war, reports CNN.
“There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi told Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.
“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression,” Xi added.
“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well,” Xi was quoted as saying by CCTV.