Global trade war smolders as U.S. and China continue tit-for-tat levies

Turning to the renewed trade tensions between the world's two largest economies.

U.S. tariffs on China now jumped to 145-percent, with the pre-existing penalty added for fentanyl issues.

Meantime, officials in Washington hinted at a possible dialogue with Beijing.

Ahn Sung-jin has the details.

The trade war between the United States and China has only intensified.

The tit-for-tat levies continue as China announced that it will be raising its tariffs for U.S. imports from 84 percent to 125 percent starting from April 12th.

The Chinese Customs Tariff Commission of the State Council noted on Friday that further on it will disregard any further tariff increases by the U.S. on Chinese goods.

Beijing has continuously criticized Washington, calling out the tariffs as "self-interested actions," while also denouncing them for violating the rules of world trade.

It had responded with various retaliatory measures, including non-tariff measures such as reducing the number of American movie imports and reducing travel and study abroad to the U.S.

"We will not sit idly by and let the Chinese people be deprived of their legitimate rights and interests If the U.S. insists on fighting a tariff war or a trade war, China will fight to the end."

This comes after the White House had hiked its tariffs on Chinese imports to 145 percent.

Trump had raised the tariffs on all Chinese imports to 125 percent on Wednesday, and within 24 hours, after China imposed its previous 84 percent, the U.S. raised them to the current 145 percent.

Since the Trump administration's second term began, tariffs on Chinese imports have jumped from 54 to 104, 125 and 145 percent over the course of a week.

"We would love to be able to work a deal. They've really taken advantage of our country for a long period of time. They've ripped us off beyond anybody, nobody, how people stood for it, sitting in my position, is not even believable."

However, White House officials hinted they were waiting for China to make the first move, as Trump said that "China wants to make a deal."

As the two enter a prolonged trade war, pundits say that this may threaten the global economy.

According to The New York Times, approximately 13 percent of U.S. imports were from China, suggesting that the cost of living for American consumers is likely to increase.

Companies have also been pessimistic amid the uncertainty, with American factories canceling orders from China, and Chinese manufacturers reducing operations.

Despite Trump pausing his "reciprocal tariffs" on other countries for 90 days, flames from the ongoing trade war with China continue to burn, raising concerns on a global scale.

Ahn Sung-jin, Arirang News.