China has announced it will raise its tariff on US goods from 34 percent to 84 percent starting April 10.
The 50-point increase mirrors the additional 50 percent tariff recently added by the US, which brought its total tariff on Chinese imports to 104 percent.
This is a retaliatory move after President Donald Trump nearly doubled duties on Chinese imports.
Global markets have slumped in response to Trump imposing his latest round of tariffs, which took effect at 12:01am EST on Wednesday (04:01 GMT) and are aimed, he said, at countries that are “ripping off” the United States.
Source: Aljazeera
