China said it would raise tariffs on US goods to 125% but would ignore further levies by President Donald Trump because it no longer makes economic sense for importers to buy from America.
China accused Trump of unleashing turbulence in the market with the sweeping tariffs that have hit the world and said the United States “should bear full responsibility” for the chaos.
Beijing’s latest round of retaliation brings its levies to 125%, effective Saturday.
Chinese finance ministry said further action by the US will be ignored because “at the current tariff level, there is no possibility of market acceptance for US goods exported to China”.
“The United States’ imposition of round upon round of abnormally high tariffs on China has become a numbers game with no practical significance in economics,” Beijing’s commerce ministry said.
“If the US continues to play the tariff numbers game, China will ignore it,” a spokesperson said.
Beijing also said it would file a lawsuit with the World Trade Organisation over the latest round of levies.
