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China on Wednesday said it would increase its reciprocal tariffs on U.S. goods to 84% from the previous 34%, per a statement rom the country’s Finance Ministry.
The measure came after President Donald Trump’s additional tariffs on Chinese goods came into force, bringing the total rate of tariffs on Chinese goods to 104%.
The new tariffs went into effect at 12:01 a.m. on Wednesday, one week after Trump first unveiled his “Liberation Day” tariff plan.
SEE ALSO: New tariffs could cost US importers over $700 billion in 2025
In addition to the steep levy imposed on Chinese, the U.S. is slapping tariffs on imports from dozens of other countries, including:
– 46% on Vietnam
– 32% on Taiwan
– 25% on South Korea
– 24% on Japan
– 20% on European Union countries
Under Trump’s plan, the tariff on Chinese imports was originally set at 34%. Added to an existing 20% tariff on China, that brought the total rate to 54%. After Chinese officials announced retaliatory measures, the White House said the U.S. would raise the overall rate on Chinese imports by another 50% — bringing it to a total of 104%.
The first phase of Trump’s tariff plan – baseline 10% tariffs on imports from nearly all U.S. trading partners — went into effect early Saturday.
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