China retaliates with 84% tariffs on US goods

China's Ministry of Finance announced on Wednesday that Beijing will impose 84% tariffs on US goods starting tomorrow (Thursday), up from 34% announced last Friday, according to Channel News Asia.

The US president's "reciprocal tariffs" on dozens of countries, including a massive 104% tariff on Chinese goods, took effect early Wednesday. The European Union is also preparing its own retaliation measures for later Wednesday.

Trump's tariffs have shaken global trade, which has been steady for decades. The situation has raised fears of a recession and wiped trillions of dollars off the market value of major companies.

In response to Beijing's previous retaliatory tariffs, Trump announced tariffs on Chinese imports of 54 percent, nearly doubling to 104 percent, from last week.

US Treasury Secretary Scott Besant said the 84 percent retaliatory tariffs were "unfortunate" and a "failed plan" for Beijing.

"I think it's unfortunate that the Chinese really don't want to come and negotiate, because they are the worst offenders in the international trading system," Besant told Fox Business Network.

China has previously called its trade surplus with the US "inevitable" and warned that if Trump continues to hit Chinese goods, Beijing has the will and the means to continue the fight.