Beijing has announced new tariffs that will take effect tomorrow, April 12.
China increases tariffs on US products to 125%.
At the same time, Trump expressed optimism that he would eventually reach an agreement with China, despite the imposition of exorbitant tariffs.
China's Ministry of Finance reportedly stated that if the US insists on continuing to violate China's interests in a substantive way, China will take decisive countermeasures and fight to the end.
Earlier, Chinese leader Xi Jinping said his nation was “not afraid,” in his first public comment on the escalating trade war with the United States, which has rattled global markets and fueled fears of a global recession. “There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi said during a meeting with Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.
“For over 70 years, China’s development has been based on self-reliance and hard work – never on handouts from others and not afraid of any unjust suppression,” Xi added. “No matter how the external environment changes, China will remain self-confident, remain focused and focus on properly managing its own affairs.”
