China President Xi Jinping has made his first public comment on the escalating trade war with the United States.
As reported by CNN, on Friday, April 11, Xi said that the nation is "not afraid" of the tariffs from US, as he announced the raise of tax to 125% on the US goods.
This increase is the latest strike by a nation on the two sided war going between world's main economies, as previously, President Donald Trump raised tariffs on China to 145%.
Along with that, China has shared that it will not raise the tariffs higher than 125%, as the meaningless increase does not deliver any fruitful purpose.
A rep for China's Commerce Ministry said in a statement, "The successive imposition of excessively high tariffs on China by the US has become nothing more than a numbers game, with no real economic significance."
The statement further added, "It merely further exposes the US practice of weaponizing tariffs as a tool of bullying and coercion, turning itself into a joke."
Unlike other countries, who are trying to negotiate with Trump over tariffs, China has made its position clear, as it stand firm against US actions, which it refer as "unilateral bullying."
Prior to announcing new tariff, Xi shared with Spanish Prime Minister Pedro Sanchez in Beijing, noting, "There are no winners in a trade war, and going against the world will only lead to self-isolation."
The on-going trade war between the two countries has negatively affected international markets and fuelled fears of global financial crisis.
