The trade war between the U.S. and China has escalated: the White House has announced that China faces a 245% tariff on imports to the U.S. due to China’s retaliatory actions against American tariffs.
The statement was published on the official White House website. It mentions that individual higher tariffs have been temporarily suspended, except for China, which has taken retaliatory measures.
Earlier, the U.S. imposed a 145% tariff on Chinese goods, to which China responded with a 125% tariff. Beijing stated that the current situation is “a numbers game” and has no real economic significance.
U.S. President Donald Trump expressed confidence that the tariffs benefit the American economy. In a post on the social network Truth, he stated that the U.S. is receiving record revenue from tariffs, while the cost of most goods, including gasoline and food, is falling. He also claimed that this is contributing to lower inflation.
Amid the escalating trade war, China has halted the export of critical rare earth minerals and magnets, which are essential for several industries. In response, Beijing has also suspended purchases of airplanes from the American company Boeing.
