CNBC reports that US President Donald Trump has announced the introduction of additional 125% import duties on Chinese products. At the same time, he had previously imposed a 20% tariff on goods coming from China, Canada and Mexico, TASS reported.
This tariff was part of the plan to combat the spread of fentanyl, in the lack of control over which the U.S. side accuses these states.
Thus, as CNBC notes, the total amount of duties on Chinese products reached the mark of 145%.
Before that, Trump raised duties on goods from China to 125%, explaining it by “lack of respect”.
Chinese Foreign Ministry spokesman Lin Jian emphasized that opposition to US duties is necessary to protect the existing international trading system.
The World Trade Organization (WTO) predicts a significant decline in trade between the United States and China by 80% on the background of mutual imposition of duties.
Earlier it became known that the decision to postpone duties Trump surprised his own administration. It also increased the fortunes of U.S. billionaires by another $304 billion