China strikes back: Tariffs soar to 84% amidst trade war
China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced - reports Reuters. This decision was made 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 10 April, tariffs on American goods will rise from 34% to 84%. The current tariffs on China, which stand 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," read 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
It is important to recall that Donald Trump announced last Wednesday, during the event known as Liberation Day, "retaliatory tariffs" globally: 10% on all imports and 25% on foreign cars.
He then presented a list of countries and the specific tariff rates that would apply - in the case of the European Union, it would be 20%. The general tariffs went into effect on 5 April, while the additional ones - for specific countries with which the US has a trade deficit (57 countries) - on 9 April.
A tariff as high as 104% was imposed on China. This is America's response to China's previous actions. It's worth noting that the US had already imposed a 20% tariff on goods from China in February, and on 2 April, announced an additional 34% rate as part of tariffs designed to establish "reciprocity" in trade relations.
After Beijing announced a retaliatory measure, the US President announced another 50%, bringing the total to a 104% rate for nearly all imported products from China.
