China has upped its retaliatory tariffs on US imports to 125%, escalating the trade war between the world’s two biggest economic powers. President Donald Trump expressed optimism that the two countries could reach a deal. But diplomatic efforts are facing challenges. Chinese leader Xi Jinping said his nation was “not afraid.”
Chinese leader Xi Jinping has said his nation is “not afraid,” in his first public comments on the escalating trade war with the United States, as Beijing raised tariffs on US goods to 125%.
The tariff hike is the latest in a tit-for-tat battle between the world’s two largest economies, after Trump raised tariffs on China to 145%. However, China has indicated it does not intend to go higher than 125%, saying it would be meaningless to engage in further escalation. (CNN)
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