China once again hit back at President Donald Trump’s tariffs, this time raising its levies on U.S. goods to 84% and intensifying the global trade war.
Trump’s “Liberation Day” duties kicked in just after midnight Wednesday, imposing a total tariff rate of 104% against China. The Chinese plan to raise its tariffs are effective a minute after midnight Thursday, according to a government statement.
“The US’s practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously damages the rules-based multilateral trading system,” China’s Ministry of Finance said.
Beijing had initially countered and matched Trump’s 34% “reciprocal” tariffs late last week and pledged Tuesday to “fight to the end” if the White House persisted with its levies.