China Vows to Counter Trump’s ‘Bullying’ Tariffs

(CNN) China has vowed to hit back after President Donald Trump announced major new tariffs on its exports to the United States as part of his radical overhaul of a century of American global trade policy.

Trump unveiled 54% tariffs on all Chinese imports into the US Wednesday, in a move poised to push a major reset of relations and escalate a trade war between the world’s two largest economies.

“China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,” China’s Ministry of Commerce said in a statement Thursday morning.

The ministry slammed the move that stands as a centerpiece in Trump’s effort to reshape the rules of international trade as “typical unilateral bullying practice,” while urging the US to cancel the tariffs and “properly resolve differences with its trading partners through equal dialogue.”

“The United States has drawn the so-called ‘reciprocal tariffs’ based on subjective and unilateral assessments, which is inconsistent with international trade rules and seriously damages the legitimate rights and interests of relevant parties,” the statement said.

Trump’s announcement Wednesday adds 34% so-called “reciprocal” tariffs to existing 20% duties on all Chinese imports to the US. Since returning to power in January, Trump had already levied two tranches of 10% additional duties on all Chinese imports, which the White House said was necessary to stem the flow of illicit fentanyl from the country to the US.

Beijing responded to those levies swiftly, but moderately, imposing retaliatory tariffs on a range of US imports including agricultural products and fuel, while taking action against certain American firms and ramping up export controls.

“I have great respect for President Xi (Jinping) of China, great respect for China, but they were taking tremendous advantage of us,” Trump said during his roughly hour-long address in the White House’s Rose Garden on Wednesday. “They understand exactly what’s happening and … they’re going to fight.”

Trump separately announced an additional 10% duties on all imports to the US and a host of country-specific measures that hit Asian countries particularly hard - rattlling markets and businesses across the world.