The Tariff Commission of China’s State Council has announced a significant increase in import duties on goods from the United States — from 34% to 84%. The new tariffs will take effect on April 10.
Chinese authorities condemned Washington’s actions, calling them “a mistake on top of a mistake.” “The U.S. decision to escalate tariffs violates China’s legitimate rights and interests and damages the rules-based multilateral trading system,” read an official statement from Beijing.
Earlier, on April 8, the U.S. government announced it would raise retaliatory tariffs on Chinese goods to the same level — 84%. In response to the escalation, China also placed six American companies on its list of unreliable entities and imposed export controls on 12 U.S.-based organizations.
Financial markets reacted with a downturn. The FTSE 100 fell by 3.4%, the Stoxx 600 dropped 4.2%, Germany’s DAX declined 3.4%, and France’s CAC 40 lost 4.2%. Brent crude futures also fell, dropping to $58.47 per barrel.
