China has retaliated once again against United States President Donald Trump’s tariff policies by hiking its levies on U.S. imports to 84 per cent.
China’s Office of the Tariff Commission of the State Council said tariffs on U.S. goods will rise to 84% from 34% starting on April 10, according to a translation of the announcement by CNN.
This came after the latest U.S. tariff hike which brought levies on Chinese goods to more than 100% took effect on Wednesday.
The repeated escalation of the tariffs threatens to bring trade between two of the world’s most important economies to a standstill.
According to the Office of the U.S. Trade Representative, the U.S. exported $143.5 billion of goods to China in 2024, while importing $438.9 billion of goods.
The Trump administration announced a sweeping new tariff policy last week, and warned other countries not to retaliate.
Some nations, including Japan, have seemed willing to negotiate on tariffs, however, China appears to be taking a more hardline stance.
After China’s initial response to the April 2 tariff rollout, Trump announced an additional 50% hike, putting the total level for import taxes on Chinese goods at 104%.
The U.S. had already imposed new tariffs on China before it rolled out its full trade policy in April.
China, along with Canada and Mexico, was hit with new levies earlier in Trump’s presidency as part of what the administration said was an effort to stop fentanyl from entering the U.S.
The trade war appears to have shocked investors around the world, as global equity markets have sold off sharply in April.
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