According to a translated statement from China’s Office of the Tariff Commission of the State Council, Beijing will raise tariffs on U.S. goods from 34% to 84% starting April 10. This move follows the latest tariff escalation by the U.S., which took effect April 9 and increased duties on Chinese goods to a staggering 104%.
The tit-for-tat trade battle is heightening concerns about a potential freeze in commerce between two of the world’s largest economies. In 2024, the U.S. exported $143.5 billion worth of goods to China and imported $438.9 billion, according to the Office of the U.S. Trade Representative.
The Trump administration unveiled its sweeping new tariff policy last week, warning trading partners against retaliating. While some countries, like Japan, have expressed willingness to negotiate, China has taken a firmer stance, responding swiftly with countermeasures.
Following China’s initial reaction to the U.S. tariffs introduced on April 2, Trump responded with an additional 50% hike, bringing total tariffs on Chinese imports to 104%.
“It’s unfortunate that the Chinese refuse to come to the table,” U.S. Treasury Secretary Scott Bessent told Fox Business. “They remain the worst violators in the global trading system, with the most lopsided economy in modern history. This kind of escalation will hurt them more than it hurts us.”
The U.S. had already targeted China with earlier tariffs prior to its full-scale policy rollout this month. Previous levies were part of the administration’s broader efforts to combat the influx of fentanyl, with Canada and Mexico also facing similar measures.
The intensifying trade war has rattled investors, triggering sharp declines in global stock markets. The S&P 500 has fallen nearly 20% from its recent high, officially entering bear market territory. South Korea’s Kospi also plunged into a bear market on Wednesday, while equities in Shanghai and Hong Kong have tumbled since the April 2 announcement.
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