China slaps retaliatory tariffs of 84% on U.S. goods

China has pushed back once again to U.S. President Donald Trump’s tariff policies by hiking its levies on U.S. imports to more than 80%.

China’s Office of the Tariff Commission of the State Council said that tariffs on U.S. goods will rise to 84% from 34% starting on April 10, according to a translation of the announcement.

This comes after the latest U.S. tariff hike — which brings levies on Chinese goods to more than 100% — took effect at the start of April 9.

The repeated escalation of the tariffs threatens to bring trade between two of the world’s most important economies to a standstill.

The Trump administration announced a sweeping new tariff policy last week, and warned other countries not to retaliate.

Some nations, including Japan, have seemed willing to negotiate on tariffs, but China appears to be taking a more hardline stance.

The U.S. had already imposed new tariffs on China before it rolled out its full trade policy in April. China, along with Canada and Mexico, was hit with new levies earlier in Trump’s presidency as part of what the administration says was an effort to stop fentanyl from entering the U.S.

Source: CNBC