China Hikes Retaliatory Tariffs on U.S. Goods to 84% Amid Escalating Trade Tensions
Source: DairyNews.today
China on Wednesday announced it will raise retaliatory tariffs on U.S. goods to 84%, up sharply from the previous 34%, the Ministry of Finance said in a statement, as trade tensions between the world’s two largest economies continue to escalate.
The move follows the implementation of new U.S. tariffs under President Donald Trump’s latest trade initiative, which has pushed the total levy on Chinese goods to 104%.
The tit-for-tat escalation comes amid broader global fallout from Trump’s so-called “Liberation Day” tariff campaign, which took effect at 12:01 a.m. Wednesday. The plan includes sweeping duties targeting dozens of trading partners, including:
46% on Vietnam
32% on Taiwan
25% on South Korea
24% on Japan
20% on European Union member states
The European Union, meanwhile, has approved a package of countermeasures in response to U.S. tariffs on steel and aluminum. The bloc’s member states backed a European Commission proposal, clearing the way for duties to be collected beginning April 15, pending final procedural steps.
“Today’s vote of approval by Member States means that — once the Commission’s internal procedures are concluded and the implementing act published — countermeasures will enter into force,” the Commission said.
Trump’s tariff plan initially set a 34% rate on Chinese imports, on top of an existing 20%, bringing the effective rate to 54%. Following China’s announcement of retaliatory measures, the White House responded by adding another 50%, bringing the total U.S. tariff rate on Chinese goods to 104%.
Economists warn the mounting tariffs could weigh heavily on global trade and U.S. importers. Industry analysts estimate the new tariffs could cost U.S. businesses more than $700 billion in 2025 alone.
The tit-for-tat escalation comes amid broader global fallout from Trump’s so-called “Liberation Day” tariff campaign, which took effect at 12:01 a.m. Wednesday. The plan includes sweeping duties targeting dozens of trading partners, including:
46% on Vietnam
32% on Taiwan
25% on South Korea
24% on Japan
20% on European Union member states
The European Union, meanwhile, has approved a package of countermeasures in response to U.S. tariffs on steel and aluminum. The bloc’s member states backed a European Commission proposal, clearing the way for duties to be collected beginning April 15, pending final procedural steps.
“Today’s vote of approval by Member States means that — once the Commission’s internal procedures are concluded and the implementing act published — countermeasures will enter into force,” the Commission said.
Trump’s tariff plan initially set a 34% rate on Chinese imports, on top of an existing 20%, bringing the effective rate to 54%. Following China’s announcement of retaliatory measures, the White House responded by adding another 50%, bringing the total U.S. tariff rate on Chinese goods to 104%.
Economists warn the mounting tariffs could weigh heavily on global trade and U.S. importers. Industry analysts estimate the new tariffs could cost U.S. businesses more than $700 billion in 2025 alone.
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