Washington/Beijing: In a sharp escalation of trade tensions, the Trump administration has imposed a 104 per cent tariff on goods imported from China, delivering a major blow to Beijing amid an ongoing trade war between the two economic giants.
The White House announced that the new tariffs take effect immediately and are expected to significantly increase the cost of Chinese goods entering the United States.
President Donald Trump had earlier warned that unless China withdrew its 34 per cent retaliatory tariffs by April 8, his administration would impose an additional 50 per cent tariff on top of the existing 20 per cent and 34 per cent rates.
In response, the Chinese government accused the U.S. of “blackmail” and vowed to “fight to the end.” Chinese officials signalled that they are prepared to take strong retaliatory action against Washington.
Experts have warned that the intensifying tariff war could have a severe impact on the global economy.