🔶🔶China's new 84% tariffs on US imports take effect🔶🔶
China's new 84% tariffs on US imports have taken effect as of April 10, 2025, marking a significant escalation in the ongoing trade dispute between the two nations. This move comes in response to US President Donald Trump's plan to raise tariffs on Chinese imports to 125% .
🔶 Key Developments:
- Tariff Increase : China's retaliatory tariffs on US goods have jumped from 34% to 84%, affecting various imports from the United States.
- Export Control List : China has added 12 US entities to its Export Control List, restricting exports of dual-use items to these companies.
- Unreliable Entity List : Six US entities have been added to China's Unreliable Entity List, banning them from engaging in import/export activities with China or making new investments.
- EU Partnership : Amid rising tensions with the US, China is strengthening ties with other partners, including the European Union. Chinese Commerce Minister Wang Wentao discussed enhancing China-EU economic ties with EU Trade Commissioner Maroš Šefčovič.
🔶Global Implications:
- Trade Deficit : The EU runs a significant trade deficit with China, standing at around €300 billion ($329 billion) in 2024.
- Global Trade Impact : The US-China trade war could have far-reaching implications for global trade, potentially disrupting supply chains and affecting economies worldwide .