China has once again pledged to "fight to the end" against Donald Trump's tariffs, claiming that trade between the two nations is balanced as a 104 percent tax on its exports to the US went into effect.
“If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end” the Ministry of Commerce said.
Trump's "Liberation Day" tariffs prompted China to declare last Friday a 34 percent duty on all US-imported goods, export restrictions on rare earth minerals, and a host of additional measures.
After declaring that talks with China were over, Trump subsequently imposed an additional 50 percent tariff on Chinese imports.
Last week, after a possible agreement to sell TikTok to American owners was put on hold, Trump signed an order to keep the app operational for an additional 75 days.
China is said to not authorize the acquisition until trade and tariff negotiations could take place, ByteDance executives informed the White House over the phone.
The paper also made the case that economic interchange between the two nations is "roughly in balance" when accounting for trade in services and domestic Chinese branches of American corporations.
According to the Chinese commerce ministry "history and facts have proven that the United States' increase in tariffs will not solve its own problems."
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Rather, it will cause significant volatility in financial markets, increase inflation pressure in the US, erode the industrial base in the US, and raise the possibility of a US economic recession, all of which will eventually only hurt the country's economy.