China's Finance Ministry announced that tariffs on imported American goods will be imposed at a rate of a whopping 84%, which represents a serious increase compared to previously set tariffs of 34%.
The new tariffs will take effect tomorrow, April 10.
They are in response to the US tariffs on Chinese goods that came into effect today, which total 104% - effectively doubling the price of Chinese goods when they are imported into the US.
In the statement of the Chinese The Treasury Department said that "the US practice of escalating tariffs on China is a mistake upon mistake. It seriously violates China's legitimate rights and interests, seriously undermines the rules-based multilateral trading system, and seriously affects the stability of the global economic order." This is a typical example of unilateralism, protectionism and economic repression."
The Treasury Department also called on the US to lift all unilateral tariffs and resolve trade disputes with China through dialogue.
The further escalation of tariffs threatens to halt the huge trade volume between the two largest economies. economies around the world.
The Trump administration last week announced a sweeping new tariff policy and warned other countries not to retaliate. Some countries, including Japan, appear willing to negotiate the size of the tariffs, but China has so far taken a more assertive stance.