China tells WTO head US tariffs will 'inflict serious harm on developing countries': commerce ministry ...Middle East

“These US ‘reciprocal tariffs’ will inflict serious harm on developing countries, especially the least developed countries, and could even trigger a humanitarian crisis,“ Wang told WTO chief Ngozi Okonjo-Iweala in a call on Friday, the statement said.

Beijing said Friday that its 125 percent tariffs on US goods would take effect on Saturday -- almost matching the staggering 145 percent levies imposed by Washington on Chinese goods entering the United States.

China also said it would file a lawsuit with the WTO over the latest round of levies.

Beijing's retaliation sparked fresh market volatility, with stocks seesawing, gold prices surging and US government bonds under pressure.

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