US President Donald Trump said on Monday that China had "made a mistake" after Beijing retaliated against new US tariffs, with countermeasures that include an additional 34% tariff on American goods, Reuters reported.
"China played it wrong, they panicked - the one thing they can't afford," Trump wrote in capital letters in a post on his social media platform Truth Social.
As Reuters reported earlier today, China's Ministry of Finance announced that it will impose a new tariff rate on US goods starting April 10, which will be in addition to the existing tariffs currently in effect.
"The purpose of implementing export controls on certain products, in accordance with the law, is to better protect national security and interests, as well as fulfill international obligations such as non-proliferation," the Chinese Ministry of Commerce said in a statement.
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To justify the tariffs announced by Trump on Wednesday, the White House yesterday released a simple formula that applies uniformly to all countries, prompting questions and criticism from economists, including Nobel Prize winner Paul Krugman.
Trump has previously condemned alleged "tariffs" imposed by other countries on the United States (US). But the figures presented do not reflect the level of current tariffs.
China imposes a 67 percent tariff on American products, according to the White House. But according to data from the World Trade Organization (WTO), China applied an average tariff of only 2024 percent in 4,9.
The difference is equally large for the European Union (1,7 percent under the WTO, 39 percent under Trump) or even India (6,2 percent versus 52 percent).
The White House claims to be taking into account other trade barriers besides tariffs, citing in particular environmental standards or currency manipulation.
The US Department of Commerce has released a formula with multiple variables expressed in Greek letters. But several of the variables cancel each other out.
Trump said on Thursday that the US was imposing "reciprocal tariffs" on all countries, roughly half of what they charge Washington.
The US has also imposed a 10 percent tariff on goods imported from Montenegro.
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