{"id":94235,"date":"2025-04-09T07:00:06","date_gmt":"2025-04-09T15:00:06","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=94235"},"modified":"2025-04-09T07:27:55","modified_gmt":"2025-04-09T15:27:55","slug":"china-eu-and-canada-hit-back-in-a-trade-war-escalation","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/china-eu-and-canada-hit-back-in-a-trade-war-escalation\/","title":{"rendered":"China, EU, and Canada hit back in a trade war escalation as USA dismisses retaliation"},"content":{"rendered":"

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\nChinese COSCO Freighter (Fletcher6)
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COGwriter<\/a><\/p>\n

There are costs to tariffs. China, the European Union, and Canada have announced retaliatory actions in response to Donald Trump’s tariffs:<\/p>\n

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China raises tariffs on U.S. goods to 84% in retaliation to Trump tariffs<\/h2>\n

April 9, 2025<\/p>\n

China said<\/a> it is raising its tariffs on U.S. products to 84%, up from its previously announced 34%, after President Trump’s import duties on Chinese good\u00a0went into effect<\/a><\/span> today at a rate of 104%.<\/p>\n

Mr. Trump’s broad-based tariffs, which apply to imports of almost every nation, kicked in after midnight Eastern time in the U.S.<\/p>\n

China’s announcement signals Beijing isn’t backing down in a global trade war sparked by Mr. Trump’s April 2 decision to levy so-called “reciprocal tariffs” on almost every nation<\/a><\/span>. In response to that announcement, China said it would counter by placing the same duty \u2014 34% at the time \u2014 on U.S. imports, which prompted Mr. Trump to slap another 50% tariff on Chinese imports.<\/p>\n

Together with previously announced tariffs, Mr. Trump has raised the total tariff rate on China-made products to 104%, a fee that will be paid by U.S. companies that import products from China. …<\/p>\n

Separately, the European Union on Wednesday announced its own retaliatory measures against the U.S. The 27-country trading bloc announced tariffs on more than $22 billion in U.S. products, including soybeans, motorcycles and beauty products, according to AFP. https:\/\/www.cbsnews.com\/news\/china-tariffs-84-percent-retaliatory-tariff-us-products-trump-104\/<\/a><\/p>\n

EU member states agree first wave of retaliatory tariffs<\/h2>\n

9 April 2025<\/p>\n

EU member states approved on Wednesday 25% tariffs on a wide range of US products, including almonds, orange juice, poultry, soyabeans,\u00a0steel and aluminium, tobacco and\u00a0 yachts,\u00a0in retaliation against 25% tariffs imposed by the US on imports of steel and aluminium from the bloc.<\/p>\n

These are Europe’s first retaliatory measures in the trade war waged by US President Donald Trump against his trading partners across the globe. The list of products, previously seen by Euronews<\/a>, was the subject of intense lobbying by member states wary of US countermeasures hitting their industries. https:\/\/www.euronews.com\/my-europe\/2025\/04\/09\/eu-member-states-agree-first-wave-of-retaliatory-tariffs<\/a><\/p>\n

Canada hits back at US car tariffs with reciprocal measures<\/h2>\n

9 April 2025<\/p>\n

Canada says it has started imposing a 25% tariff on certain vehicle imports from the US, retaliating against a similar measure from its neighbour.<\/p>\n

The tariffs – or import taxes – will be paid by Canadians who buy some automobiles or their parts from the US.<\/p>\n

Confirming that the new taxes would apply after midnight on Wednesday, Canadian Finance Minister Francois-Philippe Champagne said his country was responding to “unwarranted and unreasonable” tariffs. https:\/\/www.bbc.com\/news\/articles\/cedyyll7467o<\/a><\/p>\n<\/blockquote>\n

A Trump Administration official is brushing off China’s actions:<\/p>\n

April 9, 2025<\/p>\n

Treasury Secretary Scott Bessent on Wednesday morning brushed off reports that China planned to raise tariffs on U.S. goods in retaliation to President Donald Trump’s tariffs.<\/p>\n

China again vowed to “fight to the end” Wednesday in an escalating trade war with the U.S. as it announced it would raise tariffs on American goods to 84% from Thursday.<\/p>\n

Beijing also added an array of countermeasures after Trump raised the total tariff on imports from China to 104%. …<\/p>\n

Bessent also downplayed “swings in the bond market.”<\/p>\n

“Specifically, Bessent said about the swings in the bond market: ‘I believe there is nothing systemic about this,’ describing it as ‘uncomfortable but normal deleveraging,'” https:\/\/www.newsmax.com\/newsfront\/treasury-scott-bessent-china\/2025\/04\/09\/id\/1206229\/<\/a><\/p><\/blockquote>\n

But there are costs and concerns about tariffs. Consider the following:<\/p>\n

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Trump tariffs spark US government debt sell-off<\/h2>\n

9 April 2025<\/p>\n

Confidence in the US economy is plummeting as investors dumped government debt amid growing concerns over the impact of Donald Trump’s tariffs.<\/p>\n

On Wednesday, the yield – or interest rate – on US bonds spiked sharply to touch the highest level since February at 4.5%. …<\/p>\n

Stock markets have been falling sharply over the past few days in reaction to Trump pressing ahead with tariffs.<\/p>\n

However, the sale of bonds poses a major problem for the world’s biggest economy.<\/p>\n

While the rate is the same level as a couple of months ago, the interest rates for US borrowing over 10 years has spiked sharply in the past couple of days up from 3.9%.<\/p>\n

“Rising bond yields mean higher costs for companies to borrow, and of course governments too,” said Laith Khalaf, head of investment analysis at AJ Bell.<\/p>\n

“Bonds should do well in times of turmoil as investors flee to safety, but Trump’s trade war is now undermining the US debt market,” he added. https:\/\/www.bbc.com\/news\/articles\/c5yrr0e7499o<\/a><\/p>\n

The Chinese have no intention of giving in to President Trump and are vowing to \u201cfight to the end\u201d. So that means that an economic war between the number one economy on the entire planet and the number two economy on the entire planet is officially on. …<\/p>\n

So what happens if neither side blinks?<\/p>\n

The truth is that we could soon have a real nightmare on our hands.<\/p>\n

According to Bloomberg<\/a>, \u201ctwo influential state-linked Chinese bloggers\u201d have published identical lists of \u201ccountermeasures\u201d that the Chinese government is prepared to implement\u2026<\/p>\n

While China hasn\u2019t said how it would respond if Trump follows through on his threat, two influential state-linked Chinese bloggers posted an identical set of countermeasures that they said authorities are considering. They include raising tariffs on US farm products, a ban on Hollywood movies and investigating American firms\u2019 intellectual property gains in the country.<\/p><\/blockquote>\n

Without a doubt, some of these \u201ccountermeasures\u201d would definitely cause quite a bit of pain for our economy<\/a>\u2026<\/p>\n