BEIJING – The trade war between China and the United States has escalated, and there seems to be no end in sight.
According to foreign media, China has retaliated by announcing new tariffs of up to 84% on U.S. imported goods.
A statement issued by China’s Ministry of Finance said that the new tariffs on American products will take effect from Thursday.
It is important to note that China had already imposed a 34% tariff on U.S. imports, which has now been further increased.
China’s move comes at a time when tariffs imposed on Chinese goods by U.S. President Donald Trump have reached 104%.
The ongoing trade war between the two countries is expected to create more uncertainty in global markets, with a decline observed in stock markets.
Trade experts also suggest that the imposition of retaliatory tariffs could further heighten tensions between the U.S. and China, potentially having a significant impact on the global economy.
