China has announced that it will raise tariffs on goods imported from the United States to 84%, up from the previously declared 34%, as part of a countermeasure against Washington’s latest trade restrictions. The revised tariff will come into effect on April 10, Chinese officials said.Last week, Beijing had indicated it would impose a 34% tariff on all US-origin goods in response to fresh duties imposed by Washington. However, the retaliatory measure has now been sharply increased following the activation of a new round of tariffs by the US.
On Wednesday, tariffs amounting to 104% on Chinese exports to the United States—initiated under the administration of former President Donald Trump—officially came into force.
The tit-for-tat tariff war signals rising economic friction between the world’s two largest economies and could have broad implications for global trade and supply chains.ALSO READ: Will China trigger the ‘nuclear option’ in tariff war with US?
