China's National Assembly Tax Committee issued a statement on April 11 saying that China has increased the tax rate on imports from the US from 84% to 125%.
China's tax increase to 125% is equivalent to the level announced by the US President Donald Trump administration on April 10 for Chinese goods.
According to a statement from the Tax Committee of the State Council of China, Beijing will ignore tax increases from Washington in the coming time.
The committee said that with the current import tax rate, US goods exported to China are no longer likely to survive in the market. "Even if the US continues to increase tariffs to higher levels, this will not have economic significance," the statement said.
However, the Tax Committee of the State Council of China noted: "If the US continues to cause significant damage to China's interests, China will resolutely apply countermeasures and implement them to the end."
After a series of passed tariffs, Washington has so far imposed a 145% tax rate on imports from China this year, raising the actual tax rate to about 156%.
Also on April 11, the Spokesperson of the Chinese Ministry of Commerce said that China is determined to protect its legitimate rights and interests as well as resolutely maintain a multilateral trading system and international economic order.
