China has announced new tariffs of 84% on the US, in a response to US president Donald Trump’s trade war that will raise fears of further escalation.
According to Reuters, the Chinese ministry of finance has declared that taxes on US imports will increase to 84% beginning Thursday, up from 34% previously announced.
On Wednesday, Trump imposed 104% tariffs on Chinese exports to the United States. China's announcement describes Mr. Trump's tariffs as "a mistake on top of a mistake".
Stock markets fell further on China's announcement of retaliatory tariffs, Reuters reported.
The FTSE 100 is down 3.4%. The Stoxx 600 index, which monitors Europe's largest corporations, is now down 4.2%. Germany’s Dax has fallen 3.4% today, while France’s Cac 40 has dropped 3.4%.
