China has still responded to the US tariffs by imposing new rates to the imports of American goods raising from 84% to 125% the rate that will come into force from Saturday 12 April.
China has clarified that “will ignore further games on the numbers of US duties” who will have “lost their economic justification”, always reports the Ministry of Finance, specifying that Beijing will still protect “its rights”.
“Considering that, with the current tariff level, there is no possibility of acceptance by the market for American products exported to China”, Beijing will ignore “the situation in which the United States will continue to impose duties on Chinese products”. The US duty violates “the fundamental economic laws and common sense”, having risen to 145%, based on the authentic interpretation made on Thursday by the White House on the state of the art, adding the 20% duty linked to the role of Beijing in the production of Feneryl at 125% announced on Wednesday by Donald Trump. “The imposition of abnormal duties by the United States to China purple seriously the rules of international trade, the fundamental economic laws and common sense,” said the tariff commission of the central government, in a declaration shared by the Ministry of Finance. Finally, Beijing has decided to still resort to the World Trade Organization against American moves, launching himself in an initiative that has a symbolic value given that the US has blocked the resolution mechanism by not proceeding with the appointment of new judges.
UE, with confirmation of weight on the US GDP up to 3.6%, on EU 0.6%
“According to our latest simulations with a model on the impact of US duties, the United States GDP would be reduced from 0.8 to 1.4% by 2027. The negative impact on the EU would be less than that of the United States, about 0.2% of the GDP. If the duties were confirmed permanently the economic consequences will be negative by 3.1-3.6% for the USA and 0.5% -0.6% per The EU, 1.2% for world GDP, while global trade will decrease by 7.7% between three years “. The EU Commissioner to the Valdis Dombrovskis economy in the press conference at the end of the Eurogroup in Warsaw said it.
Lagarde, ECB ready to intervene to guarantee stability
Compared to the current commercial uncertainties “the European Central Bank is monitoring the situation and is always ready to use the tools at its disposal and in the past has developed the adequate and necessary tools to ensure price stability and, of course, financial stability, because one cannot ignore the other”. This was said by the president of the ECB Christine Lagarde in the press conference at the end of the Eurogroup.