China retaliated against new tariffs imposed by President Donald Trump by announcing it would raise duties on US goods, roiling markets and deepening a trade war between the world’s largest economies.
The Chinese government will impose an 84% tariff on all imports from the US starting April 10, the Finance Ministry said in a statement Wednesday. China’s move came hours after the steepest American tariffs in a century went into force, taking Trump’s duties on Beijing this year to 104%.
President China’s latest moves mirror the extra levies Trump put on Chinese goods as a punishment for Beijing’s last retaliation. With tariffs now soaring beyond the level economists say would decimate bilateral trade, any further duties would serve as a political statement rather than a way to apply economic pressure.
