China Strikes Back: Hikes Tariffs On US Goods To 84% As Trade War Goes Nuclear
After Beijing’s overnight inaction in response to President Trump’s new 104% effective-rate tariff on Chinese goods—and the release of a white paper on trade between the two superpowers—there now appears to be a response from the Chinese side.
*CHINA RAISES TARIFFS ON US GOOD TO 84%
— zerohedge (@zerohedge) April 9, 2025
Bloomberg reports that China plans to counter Trump's tariffs with an effective tariff rate of around 84%, escalating the trade war. These countermeasures go into effect on Thursday.
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A day earlier, China vowed to "fight to the end" if the US insists on new tariffs. Chinese exports were already facing blanket levies imposed this year and punitive taxes from Trump's first term and the following Biden administration. China also added six firms to its unreliable entity list, and 12 US entities to its export control list. Initially, Trump justified the 34% tariff hike on China as a fair way to match the barriers that Beijing has in place against US firms and goods, and then added to them after Beijing retaliated with its own levies.
In markets, European equity futures are down more than 3%. Equity futures in the US are down over 1% for the S&P500 and Nasdaq.
