China announced an 84% tariff against the United States after President Donald Trump raised tariffs against Beijing to 104% on Wednesday.
“The U.S. escalation of tariffs on China is a mistake on top of a mistake, severely infringing upon China’s legitimate rights and interests, and seriously damaging the multilateral trading system based on rules,” China’s State Council Tariff Commission said in a statement announcing the latest levy, which brings China’s total tariffs on all U.S. imports up to 118%.
China’s Commerce Ministry also imposed export controls on a dozen U.S. companies and added six U.S. firms to its “unreliable entity list,” banning them from trading or making new investments in China, according to CNN.
The news comes after Chinese officials said Wednesday that Trump had made a “mistake” in placing steep tariffs on the Asian country. They accused the president of trying to exercise “blackmail” and vowed to fight the U.S. “to the end” as tensions over Beijing’s handling of the fentanyl crisis turn into a global war over trade.
TRUMP WON’T PAUSE RECIPROCAL TARIFFS TO ALLOW FOR NEGOTIATIONS
In retaliation, Beijing announced 10%-15% tariffs on U.S. agricultural and energy products, followed by an additional 34% tariff on all U.S. imports last Friday.
The trade disputes began over two months ago when Trump slapped 10% tariffs on China to incentivize Beijing to take more aggressive action to end the fentanyl crisis. That number has increased since February, with the White House announcing Wednesday night an increase from 34% additional tariffs to 84%.
