The Tariff war launched by US president Donald Trump intensified on Wednesday after the Chinese government announced an additional tariff of 84% on all products imported from the USA. Earlier, China had announced a 34% tariff on American goods in retaliation to Trump’s reciprocal tariff, but now that has been raised to 84%.
The Chinese govt’s decision came as Trump’s 104% tariffs on China started on Wednesday, adding 50% to tariffs after Beijing failed to lift its initial retaliatory tariffs on U.S. goods.
US levies on Chinese imports were set to go up by 34% on Wednesday as part of Trump’s reciprocal tariffs package. But the US president added another 50% tax after Beijing refused to take back its announced 34% reciprocal tariff. As President Trump had already imposed a tariff of 20% on Chinese imports, the total tariff now stands at a whopping 104%.
“The United States is still imposing arbitrary tariffs on China and relentlessly applying extreme pressure. China firmly opposes this and will never accept such domineering and bullying behavior,” Chinese Foreign Ministry spokesperson Lin Jian had said earlier.
Markets reacted sharply to the Chinese decision, with a fall in oil prices and stock indices.
