China's retaliation of 84% against US tariffs

US President Donald Trump's new tariffs on Chinese goods have prompted a sharp retaliatory move from China. As of today, the US tariff rate on Chinese goods has been raised to 104%, while Beijing has announced that it will impose additional tariffs on US goods.

China's Retaliatory Move

In a statement, the Chinese Ministry of Finance stated that the additional tax to be applied to US goods is 84%. Although this rate was suggested as 34% in the first statements, with the new decision, the retaliatory tariff rate, which will take effect as of April 10, was fixed at 84%.

Moreover, the statement sent to the World Trade Organization (WTO) pointed out that the US retaliatory tariffs against Beijing “will further threaten global trade”. The WTO mission pointed out that the situation is “dangerously escalating” and that China is one of the affected parties, adding that Beijing is “deeply concerned” and “strongly opposes this reckless move.”