China’s Foreign Ministry said it would not pay attention to US President Donald Trump’s ‘tariff numbers game’ after the White House suggested Chinese exports could face tariffs of up to 245 percent.
The US administration released its latest fact sheet on tariff rates earlier this week.
The fact sheet includes the latest 125 percent tariff proposed by President Donald Trump, as well as an initial 20 percent tariff imposed in response to Beijing’s alleged failure to control fentanyl exports to the US.
It also said duties ranging from 7.5 percent to 100 percent could be imposed following a national security review launched under the Trade Act of 1974.
Beijing on Thursday reiterated its Finance Ministry’s stance last week that Trump’s tariff hike was a “joke” because it no longer had economic significance.
China’s tariffs on US goods stand at 125 percent, but Beijing has also taken punitive measures including restricting the screening of Hollywood films.
Economists say that if Trump's tariffs are not eased, it could potentially halt much of the trade between the United States and China due to the skyrocketing costs.
The World Trade Organization on Wednesday expected global trade volumes to shrink by 0.2 percent in 2025 under current conditions, almost three percentage points lower than projected in a low-tariff scenario.
The spillover effects from Trump's "reciprocal tariffs," which are mostly delayed until July, could lead to a sharper 1.5 percent decline in global merchandise trade.
