China increases tariffs to 84% in retaliation to US hiking import taxes

China has announced that it will impose 84% duties on goods from the United States, up from the previously announced 34% tariff, Reuters reported.

The new duties that will take effect on Thursday are in response to US President Donald Trump’s 104% levies on Chinese goods.

Trump had initially planned 34% tariffs on Chinese products in addition to the 20% rate imposed in March. However, he vowed to add another 50% levies after China announced its own 34% counter tariffs on American goods. This brought the additional tariffs on Chinese goods to 104%.

Beijing’s foreign affairs spokesperson Lin Jian on Wednesday accused Washington DC of “bullying practices” and urged the US administration to “demonstrate an attitude of equality, mutual respect and reciprocity” to resolve the trade wars, BBC reported.

However, he added that “China will be compelled to fight to the end”, in case Trump continues escalating the trade tension.

Oil prices continued to decline on Wednesday following China’s announcement of retaliatory tariffs. Brent futures fell by $4.02, or 6.40%, to $58.80 per barrel, while US West Texas Intermediate crude futures dropped $4.03, or 6.76%, to $55.55, Reuters reported.

The “reciprocal tariffs” imposed by the Trump administration on several countries took effect on Wednesday. The new tariffs were announced by US President Donald Trump on April 2. They include a 26% “discounted” levy on India.

Trump also...

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