Beijing has announced the imposition of "retaliatory" tariffs of 84% on goods imported from the United States, in a new development that escalates the trade war between the world's two largest economies, A2 CNN reports. The increase includes an additional 50 percentage points on the tariffs that were scheduled to take effect on Thursday, matching the measures that US President Donald Trump had previously imposed on Chinese products.
Earlier in the day, China warned that it would take “resolute and effective measures” to safeguard its legitimate rights and interests after the US imposed new tariffs of 104%. The measures have triggered strong reactions in financial markets, with US stock futures falling sharply.
China's State Council Tariff Commission stated that "the escalation of tariffs by the US is a mistake that seriously violates China's legitimate rights and seriously damages the multilateral trading system."
In addition to the new tariffs, the Chinese Ministry of Commerce also took other measures against American companies, imposing export restrictions on 12 of them and adding six more to the list of “unsafe” entities. These companies are now banned from doing business or investing in China.
China has also filed an official complaint with the World Trade Organization (WTO) regarding the latest tariffs imposed by the US. The situation remains tense and has major implications for global trade. (A2 Televizion)
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