China has fought back in the “mistaken” tariffs trade war by imposing a tax of 84% on U.S. imports.
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New Tariffs from Thursday
The move, announced today by the Chinese Ministry of Finance, will see the 84% tariffs imposed on U.S. goods from Thursday, up from the 34% previously announced.
It was made in retaliation to President Trump imposing new tariffs on Chinese exports to the U.S today bringing the total to a staggering 104%.
The Chinese Ministry of Finance said that the U.S. approach of upgrading tariffs on China was wrong and “seriously violated China’s legitimate rights and interests.” It also, it added, seriously undermined the rules-based multilateral trading system.
The Chinese government also repeated its comments that the 104% tariffs hike was a “mistake on top of a mistake.”
Trump Remains DEFIANT
Stock markets around the world dropped on the move which could signal the start of a full-blown trade war between the two biggest economies in the world. Oil prices also plunged, a clear indicator that the global economy could be on the verge of a recession.
Additionally, thirty-year Treasury yields were flying higher, up to 4.86%, as frenzied investors sold even the most safest of assets.
However, U.S. Treasury Secretary Scott Bessent remained defiant. He told Fox Business that China was a “surplus country.” He added: “Their exports to the U.S. are five times our exports to China. So, they can raise their tariff, but so what?”
The President himself took to his social media platform Truth Social thundering: “This is a GREAT time to move your COMPANY into the United States of America.”