China announces 84% retaliatory tariff on US

China on Wednesday responded sharply with a series of measures, including steep retaliatory tariffs, restrictions on US companies, and a fresh complaint filed with the World Trade Organisation (WTO). Beijing announced it will impose tariffs of up to 84 per cent on US goods starting Thursday, a sharp increase from the previously declared 34 per cent. China also filed a new complaint with WTO, warning that the US tariffs pose a serious threat to global trade stability and added 12 US companies to its export control list and placed six others on its unreliable entities list in response to Donald Trump's tariff actions."The US escalation of tariffs on China is a mistake on top of a mistake, which seriously infringes of China's legitimate rights and interests and seriously undermines the rules-based multilateral trading system," China's Finance Ministry said in a statement.
China's retaliatory steps came after the Trump administration imposed a staggering 104 per cent tariff on Chinese goods. Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including the massive duties on Chinese goods, escalating a global trade war. China has vowed to “fight to the end” against Trump’s tariffs and has shown no indication of engaging in talks with the White House, unlike many other countries that have begun discussions.Beijing maintained that the economic exchange between the two largest economies in the world is “roughly in balance”. The Chinese government released a white paper on US-China commercial ties in which it called the trade gap between the world's top two economies "inevitable".
China filed a new complaint with the WTO against further US tariff measures. It told the WTO that "the situation has dangerously escalated". In a statement to the trade body, China said, "As one of the affected members, China expresses grave concern and firm opposition to this reckless move. Reciprocal tariff is not - and will never be - a cure for trade imbalances. Instead, they will backfire, harming the US itself". China’s Ministry of Commerce announced that it has added 12 US companies to its export control list and six to its unreliable entities list, effective Thursday. Among those placed on the export control list are American Photonics and Novotech, which will now face a ban on the export of dual-use items.