China’s authorities brace for a prolonged standoff with the White House after President Donald Trump imposed lofty tariffs on all Chinese imports. These tariffs have sparked a storm of indignation both in China and around the world.
Chinese policymakers have discussed measures to support the national economy and stabilize markets amid the elevated trade tariffs introduced by Trump’s administration. Beijing has placed special emphasis on prompt stimulus measures to counter the American duties. Citing informed sources, Bloomberg reported that such stimulus measures are intended to boost domestic consumption in China.
Chinese high-ranking politicians and government officials, including financial regulators, discussed the possibility of speeding up initiatives that had been planned even before the latest round of Trump’s tariffs.
Preliminary estimates suggest that China could suffer more than other countries from the new round of mutual US tariffs. The American tariffs on Chinese imports, set to take effect on Wednesday, April 9, are expected to total a staggering 54%!
Public outrage is growing amid escalating global turbulence. Due to such headwinds, many countries are devising retaliatory measures against Washington. Beijing, too, condemned the US restrictions and responded with 34% tariffs on American goods. Besides, China’s authorities have imposed strict export controls on critical goods and minerals essential to the US.
China is expected to ramp up its stimulus efforts to weather the tough economic conditions brought on by the US tariffs. Recently, Beijing announced its intention to increase fiscal support, including measures aimed at boosting consumer spending. “China is ready to go all the way in the rapidly escalating global trade war,” Bloomberg commented on Beijing’s decision.
