Asia knowledgeable about tariffs: “China will not give in, the ship has been crazy” | EUROtoday

According to the Asia knowledgeable Jörg Wuttke, China won’t give in regardless of the 104 p.c tariffs that US President Donald Trump has imposed on the nation. “China will not give in, the ship has been left. The duty rate for Beijing is already so high, because 50 percent more is no longer making anything more,” Jörg Wuttke, former head of the European Chamber of Commerce in China.

The lack of the business quantity of the equal of round 500 billion euros per 12 months is “painful” for China. But Beijing can add far better financial and political issues to the United States, stated Wuttke. He expects US customers to pay larger costs for a lot of on a regular basis items akin to electronics, family home equipment or {hardware} on the newest in summer season. “Exactly when the MPs and senators return to their constituencies.”

China knowledgeable Wuttke warns that the European Union strikes away from the United States in response to Trump’s tariffs and approaches Beijing. “China is also not just a partner, but a competitor and systemic rival. The United States, on the other hand, remains an irreplaceable partner for Europe,” stated Wuttke.

With China, the EU has an funding base of the equal of 170 billion euros. “With the United States, this investment base is 2.2 trillion euros. China is not even a tenth of it.” For Europe, the United States is much less an exporting nation than an investor nation that generated large gross sales in Europe itself.

Wuttke additionally warned that China for retribution may “open the delivery routes for the chemical drug fentanyl again. In this regard, the Chinese have really done a lot in this regard.” The variety of US residents who died by a fentanyl overdose decreased by 1 / 4 in 2024 after greater than 100,000 folks died of the substance in 2023.

According to the White House, the extra US tariffs on Chinese merchandise ought to come into pressure at midnight (US native interval). The United States then borne by China with further taxes of 104 p.c, which ought to apply from Wednesday morning at 06.01 (CEST). China had had a deadline set by US President Donald Trump on Tuesday to withdraw counter-tariffs.