China has once again responded to President Trump's tariffs with countermeasures, but it says this will be the last time. Beijing said Friday that it is raising tariffs on US imports from 84% to 125% starting Saturday, the AP reports. On Thursday, the White House confirmed that a 125% tariff announced by Trump would be imposed on top of an earlier 20% tariff he linked to fentanyl production. "The US alternately raising abnormally high tariffs on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy," China's finance ministry said in a statement announcing the new tariffs.
"However, if the US insists on continuing to substantially infringe on China's interests, China will resolutely counter and fight to the end," the statement said. Beijing said it will not respond to any further tariff hikes from the US, the BBC reports. "Given that it's already impossible for the Chinese market to accept US imports at the current tariff level, if the United States imposes further tariffs on Chinese products, China will ignore it," the finance ministry said, per Xinhua. Stocks in Europe dropped following the announcement, which came after Asian markets closed, the New York Times reports.
China's Commerce Ministry said it was filing another lawsuit with the World Trade Organization against the US tariffs. Officials said the "abnormally high tariffs" imposed by the US seriously violated "international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion," the BBC reports. (More tariffs stories.)
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