China strikes back with 84% tariffs as escalating trade war hits markets

The One Trust container ship moored at the Yantian International Container Terminals, operated by CK Hutchison Holdings Ltd's Hutchison Port Holdings Trust (HPH Trust), in Shenzhen, China, on Monday, April 7, 2025. Picture: Qilai Shen/Bloomberg

China will impose 84% tariffs on US goods from Thursday, up from the 34% previously announced, its finance ministry said on Wednesday, firing the latest salvo in a global trade war sparked by US president Donald Trump.

Mr Trump's "reciprocal" tariffs on dozens of countries took effect earlier on Wednesday, including massive 104% duties on Chinese goods.