By Steve Goldstein
China on Friday fired back for what it said was the final time.
China’s finance ministry raised its tariffs on the U.S., to 125%, from 84%, as the tit-for-tat continues. The China tariffs are effective on April 12.
“Given that at the current tariff level, there is no market acceptance for U.S. goods exported to China, if the U.S. continues to impose tariffs on Chinese goods exported to the U.S., China will ignore it,” said the finance ministry.
On Thursday, the U.S. clarified that tariffs on China are 145% – 125% based on retaliatory measures and another 20% related to fentanyl.
Friday saw more volatile action in financial markets. Up as much as 463 points, Dow futures (YM00) recently were down 162 points, with the dollar DXY index falling below the key 100 mark.
The yield on the 10-year Treasury BX:TMUBMUSD10Yrose 3 basis points.
The dollar was slightly higher vs. the offshore Chinese yuan (USDCNH), rising to 7.3220 yuan, which is near a record high.
-Steve Goldstein
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04-11-25 0441ET
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