#CryptoTariffDrop

China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by U.S. President Donald Trump.

Trump’s "reciprocal" tariffs on dozens of countries took effect earlier on Wednesday, including massive 104% duties on Chinese goods.

The European Union is also preparing its own retaliatory measures for later on Wednesday.

Trump’s punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and wiped trillions of dollars off the market value of major firms.

Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to previous counter-tariffs from Beijing.

Earlier in the day, China called its trade surplus with the United States an inevitability and warned it had the "determination and means" to continue the fight if Trump kept hitting Chinese goods.