In a dramatic escalation of the trade war, China announced 84% retaliatory tariffs on US goods, effective Thursday.
The move comes in direct response to President Trump’s prior tariff hike on Chinese imports.
China’s State Council Tariff Commission condemned the U.S. action, calling it a grave violation of international trade rules and a blow to global economic stability.
The tit-for-tat tariff war between the world’s top two economies now threatens supply chains and investor confidence.
Tensions are expected to rise further as both sides dig in with no talks in sight.
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