China has increased tariffs on US goods to 84%, effective April 10, in response to President Donald Trump’s nearly doubled duties on Chinese imports.
The move comes after Trump’s 104% duties on Chinese imports took effect, prompting China’s foreign ministry to call for the US to cease its “arrogant and bullying behavior”.
Global markets have plummeted in response to Trump’s latest round of tariffs, with the Euro/US dollar exchange rate experiencing significant fluctuations.
Chinese foreign ministry spokesperson Lin Jian criticized the US for imposing tariffs “indiscriminately” and urged the US to adopt a more cooperative approach to resolve trade issues through dialogue and negotiation.
The escalating trade war between the world’s two largest economies has led to concerns of a potential US recession, causing traders to bet on the Federal Reserve cutting interest rates in May.
In a bid to counter the US tariffs, China has added 11 American companies to its “unreliable entities” list, restricting their access to dual-use goods.