China will impose 84 per cent tariffs on US goods from Thursday, up from the 34pc previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by US President Donald Trump.
Trump’s “reciprocal” tariffs on dozens of countries took effect earlier today, including massive 104pc duties on Chinese goods. The European Union is also preparing its own retaliatory measures for later today.
Trump’s punishing tariffs — which he says aim to end US trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.
Global markets took a pummelling today as Trump’s eye-watering 104pc tariffs on China came into effect, and a savage selloff in US bonds sparked fears that foreign funds were fleeing US assets.
US Treasury Secretary Scott Bessent, in an interview with Fox Business Network, said China’s new tariffs were unfortunate.
“They have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them,” he said.
This week has already brought crisis-era volatility to markets, wiping trillions of dollars off the value of stocks and hammering commodities and emerging markets.
