China has made shocking announcement as retaliation to President Donald Trump tariffs.
As reported by NBC, on Wednesday, April 9, the China's customs agency shared on their website that the country will be increasing reciprocal tariffs from 34% to 84%.
This decision came after Trump said on Monday, that he would impose additional 50% tariff on Chinese goods unless Beijing withdrew its 34% tariff, which the Asian country imposed as a retaliation to US president initial 34% tariff announcement.
While criticising Trump decision to impose additional duties, the statement noted, "The US's practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China's legitimate rights and interests, seriously impacts the stability of the global economic order."
The memo added, "It is a typical example of unilateralism, protectionism, and economic bullying."
Food products such as soybean , high-end electronics, crude oil are some of the largest US products imported by China.
Chinese tariffs would take effect from Thursday, April 10 for a combined 84% tax on US goods, while US tariffs took effect today, bringing the combined US levy on Chinese goods to atleast 104%.
