China announced on Wednesday that it would raise tariffs on US goods to 84%, up from the previous 34%, according to the state-run CCTV news agency.
This decision follows the enforcement of additional US tariffs on Chinese imports, which took effect just after midnight.
President Donald Trump’s new tariffs bring the total rate on Chinese goods to 104%.
These measures are part of a broader tariff strategy targeting nearly all of the US’ trading partners, which came into effect at 12:01 a.m. ET.
Trump described the tariffs as “reciprocal,” claiming they are meant to fix a long-standing issue. He said the US has been “ripped off” by trade imbalances for “35 years.”
The president believes the tariffs will encourage other countries to negotiate better trade deals with the US and boost the American economy.
Despite these expectations, the immediate market response has been negative, with significant losses recorded in the stock market.
(ABC News)
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