The country raised tariff rates against the U.S. from 85 percent to 125 percent Friday morning, following Thursday’s confirmation from the Trump administration that it was placing tariffs of 145 percent on China—125 percent as a reciprocal measure, plus an additional 20 percent because Trump thinks Beijing isn’t doing anything about fentanyl.
“With tariff rates at the current level, there is no longer a market for U.S. goods imported into China,” the statement added, saying that “if the U.S. government continues to increase tariffs on China, Beijing will ignore.”
The move is a further escalation of the trade war between the two countries instigated by Trump, which doesn’t help either economy. Countless corporations in the U.S. depend on China, and 10 million to 20 million Chinese workers are involved with U.S. exports. Trump’s tariff moves have been so erratic that hedge fund managers are wondering if he is insane. Nobody knows how this is going to end, but it seems likely that a recession is looming.
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