China brings its surcharge to 84% on American products
This article was automatically translated from HIBAPRESS, the Arabic version:
Hibapress
China announced on Wednesday a new 50% increase in customs duties on American products, in addition to an increase of 34% decided last week, in response to similar measures taken by Washington.
This new retaliatory measure, which will come into force on Thursday at 12:01 pm local time (04:01 GMT) according to the Chinese Ministry of Commerce, will bring to 84% the cumulative total of additional customs rights imposed by Beijing, while American taxes now reach 104%.
In addition to the filing of a complaint with the World Trade Organization (WTO) concerning the new American customs duties, the Ministry of Commerce said, in a press release, it has registered six American companies (Shield AI, Sierra Nevada, Cyberlux, Edge Automy Operations, Group W and Hudson Technologies) on its list of unreliable entities.
The ministry also imposed export controls targeting 12 American companies, including American Photonics, Novotech and Echodyne, prohibiting Chinese companies from providing them with civil and military double use.
“China will firmly defend its interests, the multilateral trade system and the international economic order,” said the ministry, promising to conduct this trade war “until the end”.
To reassure investors, the Chinese government has intervened in the financial markets by increasing share purchases to through the state supported by the State.
“Actions A” are actions of Chinese companies listed on the Shanghai and Shenzhen markets, denominated in Yuan and mainly intended for national investors, unlike B or H shares which target foreign investors.
During a symposium with economists and entrepreneurs on Wednesday in Beijing, Prime Minister Li Qiang said that the Chinese economy had maintained “a good recovery dynamics” in the first quarter, while recognizing “external pressures”.
“We have carried out a complete evaluation and we are prepared for various uncertainties,” he said, quoted by the Chinese television channel CCTV.
