US-China Trade War Escalates: Beijing Vows to Retaliate Against Trump's New Tariff Threat

This latest development comes after China announced a 34% tariff on US goods in retaliation for the US's "equivalent" tariffs. According to Lin, the US's actions are a "typical example of unilateralism, protectionism, and economic aggression" and have seriously damaged the global economic order. He emphasized that China will not be swayed by the US's threats and will take all necessary measures to safeguard its legitimate rights and interests.

The US-China trade war has been ongoing for several years, with both sides imposing tariffs on each other's goods. The situation has become increasingly tense, with the US threatening to impose even higher tariffs on Chinese goods. China, on the other hand, has vowed to retaliate with its own set of tariffs and other measures to protect its economy.

In response to the US threat of imposing additional tariffs, China has prepared a multifaceted countermeasure strategy. The measures include a substantial increase in tariffs on US agricultural products, a ban on US poultry imports, suspension of Sino-US fentanyl cooperation, countermeasures in the service trade sector, prohibition on US film imports, and an investigation into US companies' intellectual property benefits in China.

As the trade tensions between the US and China continue to escalate, international opinions are divided on the matter. European Commission President Ursula von der Leyen has urged China to resolve the current situation through negotiations, emphasizing the need to avoid further escalation. However, China has responded with a firm stance, with the Foreign Ministry stating that "China does not seek trouble, but it is not afraid of trouble either," and that China will resolutely safeguard its legitimate rights and interests.

Experts believe that the trade war between the US and China is likely to continue, with both sides refusing to back down. According to Lynn Song, Chief Economist for Greater China at ING, "it's a matter of who blinks first," but she believes that Beijing will not back down. Song noted that the situation feels like a test of endurance, with both sides trying to outlast each other.

The trade tensions have also sparked a wider debate about the future of global trade and the impact of protectionism on the world economy. As the US and China engage in a tit-for-tat tariff war, other countries are seeking to navigate the complex landscape and protect their own interests. The European Union, for example, has announced plans to impose retaliatory tariffs on US goods, while countries like India and Vietnam are seeking to negotiate new trade agreements with the US.

In a recent development, the US has announced that it will impose a 104% tariff on Chinese goods, effective April 9. This move has been met with strong opposition from China, with the Foreign Ministry stating that the US's actions are "typical of unilateralism, protectionism, and economic aggression." The ministry also emphasized that China will not be intimidated by the US's threats and will take all necessary measures to safeguard its legitimate rights and interests.

The impact of the trade war on the US economy is also being felt, with many Americans beginning to stockpile goods in anticipation of price increases. Some consumers are buying up large quantities of non-perishable items, such as canned goods and toiletries, while others are purchasing big-ticket items, such as cars and electronics. The trade war has also led to a surge in stockpiling, with many Americans fearing that the tariffs will lead to higher prices and reduced availability of certain goods.

The situation remains fluid, with both sides engaged in a high-stakes game of trade negotiations. As the trade war continues to escalate, it remains to be seen how the situation will play out and what the ultimate impact will be on the global economy. One thing is clear, however: the trade war between the US and China has far-reaching implications for the global economy, and its outcome will have a significant impact on the future of international trade and commerce.

Meanwhile, China has announced that it will implement a "buy now, tax later" policy for foreign tourists, allowing them to receive tax refunds immediately after making a purchase. This move is seen as an attempt to boost tourism and consumption in China, and to reduce the impact of the trade war on the country's economy.

In addition, China has also emphasized its commitment to opening up its economy and promoting free trade. The country's leadership has stated that it will continue to pursue a policy of reform and opening up, and that it will work to create a more favorable business environment for foreign companies.

Overall, the trade war between the US and China remains a complex and multifaceted issue, with far-reaching implications for the global economy. As the situation continues to evolve, it remains to be seen how the trade war will ultimately play out and what the impact will be on the global economy.