Bangladesh, April 7 -- Tensions between the United States and China have once again flared as Washingtons imposition of steep new tariffs triggered a swift retaliatory response from Beijing. Chinas Foreign Ministry has denounced the US move as “economic bullying,” warning of grave consequences for the global economy, financial markets, and the already fragile framework of international trade rules.

At the center of the latest escalation is a new 34% tariff imposed by the US on Chinese exports, adding to the existing 20% duties. With total levies now reaching at least 54%, the decision has sent shockwaves through the international financial system and drawn sharp condemnation from Beijing. Chinese Foreign Ministry spokesperson...