China retaliates with an additional 50% as the US raises tariffs on Chinese goods to 104%
The trade war between China and the US has escalated after Donald Trump’s move to impose 104% tariffs on Chinese goods. Beijing has retaliated with an additional 50%, bringing the total tariff to 84%
Tariffs on US goods entering China will rise from 34% to 84% starting on the 10th of April. The increase comes in response to the recent US tariff hike on Chinese goods to 104%, which took effect at midnight.
Beijing is also pursuing an additional case against the US at the World Trade Organisation and has imposed further restrictions on US companies trading with Chinese companies.
“If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end”, the Ministry of Commerce wrote in a statement.
Source: apnews.com
Image Credits: npr.org
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