China strikes back with 84% tariffs on US goods amid tensions
China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, reports Reuters. This decision came after the US increased tariffs on Chinese goods, which now stand at 104%.
China has once again responded to US President Donald Trump's trade policy by raising tariffs on imports from the US to over 80%.
The Chinese Tariff Commission of the State Council announced that, starting April 10, tariffs on American goods will increase from 34% to 84%. The current tariffs on China, standing at 104%, went into effect on Wednesday.
"The US escalation of tariffs on China is a mistake upon mistake, severely infringing upon China’s legitimate rights and interests, and seriously damaging the multilateral trading system based on rules," declared a statement from the Ministry of Finance, where it was announced that the tariffs were raised to 84%.
Donald Trump imposes tariffs on the entire world
Let's remember that Donald Trump announced last Wednesday, during the so-called Liberation Day, "retaliatory tariffs" globally: 10% on all imports and 25% on foreign cars.
He then presented a list of countries and tariff rates that would apply—in the case of the European Union, it would be 20%. The general tariffs went into effect on April 5, whereas the additional ones—for specific countries with which the US has a trade deficit (57 countries)—became effective on April 9.
A tariff as high as 104% was imposed on China. This is America's response to China's earlier actions. Let's recall that the US had already imposed a 20% tariff on goods from China in February, and on April 2, announced an additional 34% rate as part of tariffs designed to establish "reciprocity" in trade relations.
After Beijing announced a retaliatory action, the US President announced another 50%, bringing the total to a 104% rate for nearly all imported products from China.
