In a retaliatory move, China has announced an 84 per cent tariff on US imports, a development that is certain to escalate the trade war between the two global economic powerhouses.
The move is in response to President Donald Trump’s 104 per cent tariff on Chinese goods.
China’s tariff on US imports will now rise from 34 per cent to 84 per cent, effective Thursday.
US stock index futures plummeted on Wednesday, with Dow E-minis down 1.87 per cent, S&P 500 E-minis down 1.72 per cent, and Nasdaq 100 E-minis down 1.45 per cent.
The retaliatory exchange is part of an ongoing trade dispute between the US and China, with both countries imposing tariffs on each other’s goods.
