China expressed "deep regret" when the additional US tariffs targeting $200 billion worth of Chinese goods took effect Friday, and announced that necessary countermeasures will be in place to safeguard its legitimate rights. 

The additional tariffs came amid the ongoing 11th round of trade talks between the two countries in Washington. The tariffs are the last scenario that the international community is willing to see because such punishment not only harms the interests of both China and the US, but also hurts the world economy. 

US President Donald Trump declared that “tariffs will bring in far more wealth” to the country, but US farmers and manufacturers think in a different way. The US business community has consistently voiced their concerns over the consequences of the raised tariffs. 

It’s a consensus among economists and business groups that the latest tariffs will hurt US consumers and wage-earning families, forcing consumers to pay more for their daily products and lower their retail profit margins. 

The American Soybean Association (ASA), representing 21,000 soybean producers in the US, warned that additional US tariffs create “a predicament for soy growers” and urged the Trump administration to conclude negotiations with China.

Another US industrial association, the American Chemistry Council (ACC), warned the White House that higher tariffs will erode the sector’s competitiveness due to disruption to the supply chains and market. 

Additional tariffs by the US do not meet the shared aspirations of the international community as we all live in a globalized world.

The world stock markets have tumbled for days since Trump's unexpected tariff threat. Three important US stock indices, the Dow Jones, S&P500 and Nasdaq, all declined through the week. The S&P and Nasdaq closed lower for the past four days in a row.

Christine Lagarde, head of the International Monetary Fund, worried that the fresh trade tensions between the US and China may inject more uncertainties into the world economy. 

Despite the new blow of raised tariffs, China hasn’t stopped its efforts to resolve its differences with the US. As Chinese Vice Premier Liu He told reporters in Washington, the Chinese negotiators came with sincerity and would engage with their US counterparts in a frank, confident and rational manner.

Threats and coercion won’t help make a deal the Washington is yearning for. Only cooperation is the way forward for China and the US.