China has unveiled sweeping new tariffs of 84% on U.S. imports, escalating tensions in the ongoing trade war with Donald Trump and fueling concerns of further economic fallout.
According to Reuters, the Chinese Ministry of Finance confirmed the increased duties will take effect from Thursday, raising the rate from the previously announced 34%.
China Warns WTO That U.S. Tariffs Threaten Global Trade Stability
Following Donald Trump’s decision to impose steep reciprocal tariffs on Beijing, China has accused the United States of further destabilising global trade in a formal submission to the World Trade Organisation.
Just hours before announcing 84% tariffs on U.S. goods, China told the WTO that the situation had “dangerously escalated.”
“As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” the statement read.
Speaking at a WTO meeting on trade in goods, Chinese officials argued that the tariffs imposed by the U.S. violate WTO rules and erode confidence in the multilateral trading system.
“Reciprocal tariffs are not — and will never be — a solution to trade imbalances,” the submission said. “Instead, they will backfire, ultimately harming the United States itself.”
Global stock markets extended their losses following the announcement as investors reacted to the deepening rift between the world’s two largest economies.
Global stock markets have extended their losses following China’s announcement of sweeping 84% retaliatory tariffs on U.S. goods.
European stocks plunge as China hits back
Stock markets in Europe suffered further falls as China said it would impose 84pc tariffs on US goods from tomorrow.
The Continent-wide Stoxx 600 dropped more than 4pc, while the Cac 40 in Paris sank 3.8pc and the Dax in Frankfurt plunged 3.7pc.
The FTSE 100 was last down 3.2pc as China raised its tariffs against the US from 34pc to 84pc.
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