China calls us to cancel mutual tariffs, promises of counteracting

The Chinese Ministry of Commerce called on the US to “immediately cancel” its unilateral tariff measures and promised to take “decisive counterattack” to retain its rights and interests, after US President Donald Trump announced that analysts called it as characteristic the coolest tariff hiking In the century.

“The United States has drawn the so-called” mutual tariffs “based on subjective and unilateral estimates that contradict the rules of international trade and seriously undermine the legal rights and interests of the relevant parties,” the Ministry of Commerce spokesman. said in a statementTranslated CNBC.

The Chinese official described the decision of the Trump administration to impose mutual tariffs as “a typical one -sided practice”, adding that many countries expressed “strong dissatisfaction and clear opposition”.

The statement comes after Trump announced Basic tariff at 10% in all countries and more steep rates in many countriesIncluding 34% in China, 20% in the European Union, 46% in Vietnam and 32% in Taiwan.

The tariff rate will be in addition to the existing 20% ​​of the US import tariffs from China, taking an effective total rate up to 54%, acting on April 9, closer to the Trump’s deposit at 60% tariff.

The initial assessment showed that extensive measures could increase the average tariff rates in the US to “not observed since the early 20th century,” said Tai Hi, the main market of the Apac JP Morgan Asset Management strategist, warning that reports of trade policy could take over global growth.

The tariff shock for China will be “much higher and wider” than in the trade war 1.0, said Robin Sing, Chinese economist Morgan Stanley.

Although Beijing is likely to deploy additional political support when tariffs quickly slow down the country’s economic growth, such measures can “only partially compensate for the shock of tariffs,” Singa added.

Julian Evans-PRCHD estimates that China may suffer an economic blow from 0.5 to 1 percentage of its gross domestic product, depending on the exchange level.

Beijing is likely to respond with strong, but proportional measures that can go beyond the increase in tariffs with steps aimed at US companies that rely on the Chinese market, said Stephen Olson, visiting the senior scholarship at the Yusof ISHAK Institute in Singapore.

“The United States and China are heading to the negotiating table where they will try to reach some big deal on a wide range of issues,” he said, although he said that everything was expected to deteriorate before they recovered.

Acting President of South Korea Khan Dak-S, Ordered measures on emergency support For industries and enterprises that will be affected, including the automotive industry, ordering officials actively negotiate with Washington to minimize the impact of additional levies.

Separately Prime Minister Australia Anthony Albonez called Trump tariffs a “bad decision” and stated

The Japanese Ministry of Commerce said it would create an operational group to study the influence of new tariffs that Trump said would be is 24% for JapanLeaving all the options on the table, answering great duties.

“We have to decide what is best for Japan and most effectively, cautious but boldly and fast,” ” Minister of Trade Yohi Muta said At the press conference.

Previously announced 25% tariff on imported cars came into force on Thursday and is expected Among the most violent victims Of -the its dependence on the US demand

Prime Minister of Thailand Polehongtor Hinovattra said the government will take role in the development of short-term measures to combat producers and exporters with 36% of the new tariff, while planning to negotiate with the US

The European Union said it Preparation of further countermeasures When negotiations with the US failure, Ursula von der Leyen said in live broadcast, adding that the EU is ready to support efforts to make the global trading system more fair.

– Evelyn Chen to CNBC contributed to this report.