China retaliates with new 84% tariffs on US as global markets fall

Asia markets index of Japan, South Korea and Australia is seen on a screen as a currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 9, 2025. (AP Photo/Ahn Young-joon)

China on Wednesday announced an additional 50% retaliatory tariff on all U.S. imports, bringing the total tariff level to 84%.

The measures are a response to President Trump’s latest round of tariffs, which went into effect overnight, and include a 104% levy on Chinese goods.

The Chinese finance ministry says the new charges will take effect at midnight in China, or Wednesday at noon Eastern time.