China retaliates against Trump with total 84 percent tariff on US goods

The Chinese finance ministry announced on Wednesday it will impose another 50 percent tariff on all goods coming from the United States, after Washington’s sweeping 104 percent tariff on Chinese goods took effect.

“The U.S.’s practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests,” the ministry said in a statement, adding the move was “adding insult to injury.”

The response comes as trade tensions have soared between Beijing and Washington, after Trump said he would tack another 50 percent in his “reciprocal” tariff package. In practice, China is adding another 50 percent on a pre-existing 34 percent tariff, bringing the total to 84 percent. That levy will kick in on Thursday.

China on Tuesday became the first country to challenge Trump’s universal tariffs at the World Trade Organization.

U.S. Treasury Secretary Scott Bessent, speaking on Fox Business, regretted China’s response as “unfortunate.” Before China’s response, Trump said that global leaders were willing to do anything to make a trade deal with him as American tariffs come into force.

Read More (...)