China responded to President Donald Trump’s latest tariff policies Wednesday morning by slapping a retaliatory tariff of 84% on goods from the United States.
China’s Office of the Tariff Commission of the State Council said the tariffs on U.S. goods would rise from 34% to 84% on April 10.
The move comes after Trump’s administration increased tariffs on Chinese goods to 104% due to China’s failure to meet the U.S. president’s deadline to remove its 34% retaliatory tariffs on American goods.
White House Press Secretary Karoline Leavitt defended the administration’s actions, telling reporters, “It was a mistake for China to retaliate. The president, when America is punched, he punches back harder.”
The escalating trade tensions between the two nations have significant implications for global markets and economies. As the situation continues to unfold, businesses and investors are closely monitoring the developments.
This is a breaking news story and will be updated as more information becomes available.