China's Foreign Ministry spokesperson Guo Jiakun confirmed that there have been no recent tariff negotiations between China and the United States. This statement was made during a routine press conference in response to inquiries about potential discussions between the two countries on tariffs.
*Current Tariff Situation:*
- *US Tariffs on China*: The US has imposed a 145% tariff on Chinese goods, while China has imposed a 125% tariff on American goods.
- *China's Response*: China has stated that it will ignore any further US tariff increases, citing that it has already become impossible for the Chinese market to accept US imports at current tariff levels .
*Recent Developments:*
- *Trump's Tariff Actions*: On April 2, 2025, the US imposed a 34% "reciprocal tariff" on most Chinese imports, aiming to balance its trade deficit with China. China retaliated with a matching tariff of 34% on all American goods.
- *Escalation*: The US later raised tariffs by an additional 50%, bringing the baseline tariff on Chinese imports to 104%. China responded with an extra 50% retaliatory tariff, bringing their baseline tariff on American goods to 84% .
*Market Impact:*
- *Crypto Market Reaction*: The crypto market attempted a recovery after China's denial of holding any talks, with its market cap standing above $3 trillion. Bitcoin was trading at $94,166.80 at press time .
