China Hits Back with 84% Retaliatory Tariffs on US

The ongoing trade war between the United States and China is not going to stop anytime soon. The administration of Donald Trump is implementing tariffs with seriousness. The administration is imposing reciprocal tariffs on nearly all the nations with which they conduct business. President Trump has set Liberation Day and the tariffs each country must pay to trade with the US.

In relation to China, Trump has consistently asserted that the United States of America has been providing benefits to China by not imposing additional taxes on their imports. In what can be considered a giant move, Trump has decided to impose a 104% tariff on Chinese imports. China retaliated earlier by imposing 34 percent on US imports.

China was taken aback by the 104 percent U.S. tariff, prompting the Xi Jinping government to impose an 84% retaliatory tariff on U.S. imports within hours of this announcement, effective April 10. China has also urged the USA to partake in dialogue instead of engaging in a trade war.

Additionally, China has added 12 US entities to the export control list. As a result, Wall Street futures were trading lower. for a while now.