China Walks The Talk, Hits Back With 84% Tariffs On US Goods After Trump Ups The Ante With 104% Levies

China has hit back at the U.S. with 84% tariffs on goods imported from the country in response to the Trump administration's hiking its tariffs to 104%, effective Wednesday midnight.

On Wednesday, China’s Office of the Tariff Commission of State Council announced that it is hiking the levies on goods imported from the U.S. into China to 84% from 34% earlier.

According to the Commission's notification, the new 84% tariffs will go into effect on Thursday.

This comes in response to the Trump administration's hiking tariffs on China to 104% after the 50% additional tariff went into effect at midnight on Wednesday.

The Trump administration stood its ground on the additional levy after China refused to back down on its 34% retaliatory tariffs on U.S. goods.

This retaliation was in response to President Donald Trump’s ‘Liberation Day’ tariff rollout on April 2, which imposed levies on 185 countries and territories.

Instead of backing down, the Chinese Commerce Ministry said it would “fight to the end” if the U.S. did not de-escalate.

Earlier on Wednesday, Trump said in a post on his social media platform, Truth Social, that China wants to “badly” strike a deal with the U.S. on tariffs.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 index, fell nearly 1.6% in pre-market hours at the time of writing.

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Also See: US Stock Futures Decline Amid Escalating Tensions With China Over Trump's Tariff Wars: Cathie Wood Pitches ‘Mar-a-Lago’ Accord As Treasury Yields Spike

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