The Chinese flag flies in Tiananmen square, as seen from the Great Hall of the People where meetings of the National People’s Congress continued in Beijing on March 6, 2025.
Greg Baker | Afp | Getty Images
China’s Commerce Ministry said it “resolutely opposes” U.S. President Donald Trump’s threat of escalating tariffs, and vowed to take countermeasures to safeguard its own rights and interests.
The comments came after Trump said he would impose an additional 50% duty on U.S. imports from China Wednesday, if Beijing does not withdraw the 34% tariff it imposed on American products last week.
“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake,” the statement said, according to a CNBC translation. “China will never accept it. If the U.S. insists on its own way, China will fight to the end.”
Last Friday, China’s Finance Ministry announced 34% in additional tariffs on all goods imported from the U.S., starting April 10, in retaliation to Trump imposing new levies of 34% on China. The across-the-board tariffs followed two previous rounds of 10%-15% tariffs, targeting mostly agricultural and energy products imported from the U.S.
Trump’s 34% tariffs on China were on top of the 20% duties rolled out since February, bringing the total new tariffs this year on China to 54%.
The People’s Bank of China on Tuesday set the midpoint rate for onshore yuan at 7.2038 per dollar, the weakest level since September 2023, according to data provider Wind Information. The yuan is allowed to trade within a 2% band of this midpoint rate.
As part of the broad retaliatory measures, Beijing also placed export curbs on key rare earth elements, prohibited exports of dual-use items to a dozen of U.S. entities, mostly in defense and aerospace industries, and put 11 more U.S. firms to its “unreliable entities list,” subjecting them to broader restrictions while operating in China.
