China imposes 84% tariff on US goods, trade war escalates

The trade war between the U.S. and China intensified as China announced an 84% tariff on U.S. goods, a significant increase from the previous 34%. This retaliatory move follows President Donald Trump's implementation of a 104% tariff on Chinese imports. Both nations' escalating tariffs are raising concerns over potential economic destabilization and recession, with significant reactions in global stock markets. China criticized the U.S. tariffs as unilateral and damaging to the rules-based trading system, asserting its determination to continue the fight. The situation has prompted the European Union to consider its own retaliatory measures against U.S. tariffs, indicating broader implications for international trade. The ongoing conflict reflects deep-rooted tensions over trade imbalances and economic policies between the two superpowers.