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China-US Tariffs Soar: Beijing Hits Back With 84% Tariff Hike and Business Bans
In a bold move, China has taken the gloves off in the ongoing trade war with the United States by announcing an unprecedented tariff hike of 84%, effectively doubling down on existing tariffs. This drastic measure is a direct response to the US’s recent decision to impose higher duties on Chinese goods.
As of Thursday, Beijing will begin imposing a whopping 84% tariff on American imports, up from the previously set rate of 34%. Furthermore, China has also taken the unprecedented step of adding 12 U.S. companies to its export control list, effectively banning their exports of certain items. Six other companies, including Shield AI and Sierra Nevada Corporation, have been labeled “unreliable” and are now prohibited from doing business or investing in China.
This aggressive move by Beijing has sent shockwaves through the global market, with U.S. stock index futures plummeting sharply in response. The situation has taken a decidedly hostile turn, with tensions between the two nations reaching a boiling point.
China’s announcement was met with stern criticism at a World Trade Organization (WTO) meeting, where officials slammed the US for its reciprocal tariffs, labeling them as a violation of global trade rules that undermine the multilateral trading system. Beijing has warned that these retaliatory measures will ultimately harm the United States, and not solve any problems.
The escalation in tensions between Washington and Beijing is likely to have far-reaching consequences for international markets, and could potentially lead to further instability and volatility in the global economy.
Source: https://coinpedia.org/news/china-us-tariffs-soar-beijing-hits-back-with-84-tariff-hike-and-business-bans/
