China has added a 50% retaliatory tariff on U.S. imports deepening a trade war currently shaking up global markets.
The addition of 50% brings the total tariff to 84%. President Trump’s latest round of tariffs took effect Wednesday when he announced a 104% levy on Chinese goods.
The new levies apply to all US products entering the country.
China’s finance ministry announced the charges would take effect yesterday at noon Eastern time.
“The US’s practice of escalating tariffs on China is a mistake on top of a mistake,” a statement from the ministry said.
China claims they want the U.S. to “properly resolve differences with China through equal dialogue on the basis of mutual respect,” the statement said.
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