China Retaliates Against Trump’s Tariffs With 84% Duty On US Goods: Report

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The Chinese finance ministry announced that these new tariffs will take effect on April 10, according to a Reuters

China has retaliated against Donald Trump's 104 per cent tariffs by imposing its own additional tariffs of 84 per cent on American goods amid the ongoing trade dispute between the United States and China. The Chinese finance ministry announced that these new tariffs will take effect on April 10, according to a Reuters report. This move increases China’s tariff rate on US goods from the previously stated 34 per cent.

China's commerce ministry has also revealed that it has added 12 US entities to its export control list and placed 6 American entities on its "unreliable entity" list, as per the report.

Meanwhile, US President Donald Trump sparked fresh market turmoil on Wednesday as harsh tariffs on multiple countries came into effect, with China poised to retaliate after facing levies exceeding 100 percent. Following the implementation of sweeping 10 per cent tariffs over the weekend, the taxes that US importers pay on goods from countries like the European Union, Japan, and Vietnam soared significantly overnight.

After a brief pause on Tuesday, stock markets were once again in panic mode, with Tokyo’s Nikkei index plunging nearly four percent by Wednesday's close. Meanwhile, major European markets, including Paris, Frankfurt, and London, saw declines of about three percent during midday trading.

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