The White House has published a document confirming that China’s 34% tariff rate – set to come into effect in a few hours – will be increased to 84%. Chinese exports to the US had already been subjected to 20% tariffs. This means that the total tariffs on Chinese goods will reach a whopping 104%. The move comes “in recognition of the fact that the PRC has announced that it will retaliate against the United States”, the White House statement reads. After Trump unveiled a 34% so-called “reciprocal” tariff on Chinese goods, China slapped its own 34% counter-tariff on US goods.
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Source: BBC
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