BEIJING: The trade war between China and the United States has intensified and there seems to be no end in sight.
According to foreign media, China has retaliated by announcing new tariffs of up to 84% on US imports.
A statement issued by the Chinese Ministry of Finance said that the new tariffs on US products will be implemented from Thursday.
It is important to note that China had already imposed a 34% tariff on US imports, which has now been further increased.
China’s move comes at a time when US President Donald Trump‘s tariffs on Chinese goods have reached 104%.
The ongoing trade war between the two countries is expected to create further uncertainty in global markets, with stock markets seeing a decline.
Trade experts also suggest that the implementation of retaliatory tariffs could further escalate tensions between the US and China, which is likely to have a significant impact on the global economy.
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