China's countermeasures against the United States have come into effect, raising tariffs on all American goods to 84% in response to US President Donald Trump's tariff hike.
The Asian nation's retaliatory tariff rate took effect just after noon local time, further escalating the full-blown trade war between Beijing and Washington, which has already taken its toll on global markets and fueled fears of a recession. Trump on Wednesday singled China out by boosting tariffs on Chinese goods up to a stunning 125%, even as he made a U-turn for most other countries, granting them a 90-day reprieve from his "reciprocal" tariffs.
Trump justified the hike by citing what he described as Beijing's "lack of respect." Even so, the US president said he expects to arrive at "fair" arrangements with all of the countries targeted by his custom-tailored tariffs, including China.
