China's 84% tariff on all goods from United States has kicked in.
The move is set to ramp up a trade war with Washington, while calling for a dialogue “on the basis of mutual respect and equality.”;
This new rate took effect at 12:01 a.m. Eastern Time [04:00 GMT] on Thursday, according to China’s State Administration Council.
It applies to all U.S. products entering China, which is regarded as the world’s second-largest economy.
According to the office of the U.S. Trade Representative, this totaled $143.5 billion last year.
This marks China’s second retaliatory tariff hike in response to U.S. duties on Chinese imports, which now stand at 125 percent.
Alongside the new tariffs, Beijing has also blacklisted 18 American companies, including aerospace manufacturer Sierra Nevada Corporation.
China’s Ministry of Commerce, speaking on Thursday, made it clear that they are open to a dialogue with the U.S. but this must be on the basis of mutual respect and equality.
The ministry's spokesman, He Yongqian, said pressure, threats, and blackmail are not the right way to deal with China.
China will “follow through to the end”; if the U.S. insists on its own way, He added.
