China made it clear that it will not bow to blackmail from the United States, as the trade war fueled by Donald Trump's tariffs shows no signs of easing.
Beijing's reaction came after Trump threatened to raise tariffs to over 100% against the world's second-largest economy, after the latter announced reciprocal taxes of 34% on American imports, A2 writes.
China's Ministry of Commerce said: "The US threat to raise tariffs on China is a mistake upon mistake, which once again exposes the blackmailing nature of the US. If the United States insists on continuing with its head, then China will fight to the end."
The European Union has also proposed 25% counter-tariffs on a range of US products, including soybeans, nuts and sausages, while other important products such as bourbon whiskey were left off the list, according to a document seen by Reuters.
However, EU officials have expressed their willingness to negotiate a zero-tariff deal with the Trump administration.
Ursula von der Leyen said: “These tariffs come first and foremost at an extraordinary cost to American consumers and businesses. But, at the same time, they have a massive impact on the global economy. Developing countries are particularly hard hit. We are ready to negotiate with the United States. We offer zero tariffs on industrial products as we have done with other trading partners.”
Donald Trump has welcomed the EU proposal, although he has described it as insufficient. Trump's tariffs have sent stock markets in Europe, the US and Asia into a tailspin as investors fear a possible recession.
In the face of dramatic stock market declines in recent days, business leaders, including people close to Trump, have called on the President to change course.
(A2 Televizion)
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