China's Firm Stance Against US Tariffs

The Chinese commerce ministry has expressed strong opposition to the recent US tariffs, stating that the move disregards the balance of interests achieved through years of multilateral trade negotiations. China is prepared to take countermeasures to protect its rights and interests, signaling a deepening trade war between the world's two largest economies.

Details of the New Tariffs

President Trump announced an additional 34% tariff on Chinese goods, compounding the 20% imposed earlier this year, totaling a 54% levy. This move brings the tariffs close to the 60% figure Trump had previously threatened. Starting Saturday, Chinese exporters will face a 10% baseline tariff on most goods shipped to the US, with higher "reciprocal tariffs" taking effect from April 9.

Closing Trade Loopholes

In a related development, Trump signed an executive order to close the "de minimis" trade loophole, which allowed duty-free entry of low-value packages from China and Hong Kong into the US.