The 84% retaliatory tariffs announced by Beijing on imported American products are now in effect, marking a new stage in the trade war launched by Washington and increasing fears of a global recession, Agence France-Presse reported, BTA reported.
The new tariffs will apply to all American products entering China, the total value of which, according to the Office of the US Trade Representative, in 2024 amounted to $143.5 billion.
Yesterday, US Treasury Secretary Scott Besant said that China's decision to impose retaliatory tariffs on imports of US goods of up to 84 percent is a losing move for Beijing.
"I think it's unfortunate that China doesn't really want to negotiate, because Beijing is the biggest offender in the international trading system," Besant said in an interview with "Fox Business Network".
US President Donald Trump said earlier that world leaders are ready to do anything to make a trade deal with him, including kissing his ass. Trump made the bold statement during a speech at a fundraising dinner at the Republican National Convention in Washington on Tuesday night, Reuters video footage from the event showed.
"I'm telling you, (leaders of – ed.) these countries are calling us, kissing my ass," Trump said, drawing laughter from the audience. According to U.S. Treasury Secretary Scott Besant, about 70 countries have contacted the White House to begin trade talks on the tariffs.