China announced it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, the finance ministry said on Wednesday.
The finance ministry said it would impose additional tariffs on US goods from April 10
The commerce ministry said it had added 12 U.S. entities to export control list and 6 U.S. entities to ‘unreliable entity’ list
Companies added to the export control list include American Photonics and Novotech. Exports of dual-use items to these companies will be banned.
Those added to the unreliable entities list, including Shield AI and Sierra Nevada Corporation, will be banned from China-related import and export activities and investing in China.
China expresses ‘grave concern’ at WTO about Trump tariffs
China told the World Trade Organization that the United States’ decision to impose what it has called reciprocal tariffs on Beijing threatens to further destabilize global trade.
“The situation has dangerously escalated. …As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement to the WTO on Wednesday that was sent to Reuters by the Chinese mission to the WTO.
China told a WTO meeting on trade in goods that the reciprocal tariffs violated the organization’s rules and undermined the multilateral trading system.
“Reciprocal tariff is not – and will never be – a cure for trade imbalances. Instead, they will backfire, harming the U.S. itself,” China’s statement to the WTO said.
MARKET ROUT
Since Trump unveiled his tariffs last Wednesday, the S&P 500 has suffered its deepest loss since the benchmark’s creation in the 1950s
It is now nearing a bear market, defined as 20% below its most recent high.
Read More: 104% tariffs on Chinese goods as Trump’s new tariffs take effect
U.S. Treasuries were also caught up in the market turmoil and extended heavy losses on Wednesday in a sign investors are dumping even their safest assets.
The dollar, a traditional safe-haven, was weaker against other major currencies.
European shares fell and U.S. stock futures pointed to more pain ahead, following a grim session for most of Asia.
Trump has shrugged off the market rout and offered investors mixed signals about whether the tariffs will remain in the long term, describing them as “permanent” but also boasting that they are pressuring other leaders to ask for negotiations.
