Many Bulgarian Companies Freeze Hiring and Investment Amid US Customs Uncertainty
The newly introduced US customs policy is creating both confusion and opportunity for businesses
China has announced a steep increase in tariffs on U.S. imports, raising duties to 125% in response to Washington's latest trade measures. The Chinese state-run Xinhua News Agency cited the Customs Tariff Commission of the State Council, which confirmed that the new rate will come into effect on April 12, marking a significant jump from the previous 84% level.
The escalation comes amid heightened trade tensions, as the Chinese Ministry of Commerce also confirmed it has filed a lawsuit at the World Trade Organization (WTO) over the U.S. tariff hikes. In a statement, Chinese authorities criticized the U.S. approach, claiming it contravenes international trade norms and basic economic principles, describing it as “unilateral bullying and coercion.”
Chinese President Xi Jinping, in his first public remarks on the deepening trade conflict, emphasized the damaging nature of tariff wars. Speaking in Beijing during a meeting with Spanish Prime Minister Pedro Sánchez, Xi said, “There is no winner in a tariff war, and going against the world will only result in self-isolation.” He called for closer cooperation between China and the European Union to uphold global economic stability and counteract protectionist pressures.
The Chinese tariff body added that under current rates, the U.S. has effectively lost access to the Chinese market, stating that even further tariff hikes by Washington would no longer be economically meaningful. “Even if the U.S. imposes even higher tariffs, it would no longer make economic sense and ultimately go down as a joke in world economic history,” the commission declared via state media.
The United States, under President Donald Trump, currently applies a 145% tariff on Chinese imports. The White House confirmed this rate was reached after Trump recently raised tariffs by an additional 125%, on top of a prior 20% increase. Trump attributed the latest hike to China’s retaliatory tariff actions, including Beijing’s previous decision to lift tariffs to 84%.
While Trump paused most new tariffs on U.S. trading partners for 90 days, China was not included in the reprieve. Beijing warned that if Washington continues undermining Chinese economic interests, it will implement further countermeasures and “fight to the end.”
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