China has responded to Donald Trump’s latest tariff hike with one of its own, raising duties on US goods from 84 per cent to 125 per cent shortly after President Xi Jinping’s first public comments on the escalating trade war.
Xi said on Friday evening that his nation is “not afraid” of the rising US taxes on Chinese exports even as international markets have tanked and fears of a global recession have been fueled.
Shortly after, it was announced that Chinese tariffs on US goods would rise from 84 to 125 per cent.
“There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi told Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.
“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression,” he added.
“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well.”