China to increase tariffs on US imports from 34% to 84%
Beijing’s response announced as 104% U.S. tariffs on Chinese goods go into effect
Scott Bessent says China's tariff escalation is a 'loser' for them
Treasury Secretary Scott Bessent responds to China imposing 84% tariffs on U.S. goods, the state of the Chinese economy and a potential backup plan for corporate America seemingly 'shutting down' in light of tariffs.
China will now raise tariffs on U.S. imports from 34% to 84% in response to President Donald Trump's reciprocal tariffs.
The move is expected to go into effect tomorrow, according to Chinese state media, and comes as Chinese officials have vowed to fight "to the end" amid a trade war with the U.S.
"If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end," China’s Ministry of Commerce wrote in a statement yesterday.
The escalation began last week when Trump first announced a 34% reciprocal tariff against China, which responded with a tariff of the same amount on America.
TRUMP’S RECIPROCAL TARIFFS, ADDITIONAL CHINA LEVIES TAKE EFFECT
China's President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan, in June 2019. (Brendan Smialowski/AFP/Getty Images / Getty Images)
White House press secretary Karoline Leavitt then said Tuesday that because China declined to lift its retaliatory tariff, Trump imposed an additional 50% tariff on Beijing.
That tariff, which went into effect this morning on top of previously imposed tariffs of 20% and 34% against China, brings the total U.S. tariff on Chinese goods to 104%.
CHINA REFUSES TO BACK DOWN ON TARIFFS AFTER TRUMP THREATENED TOUGHER MEASURES
President Donald Trump holds up a chart of "reciprocal tariffs" while speaking at the White House on April 2, in Washington, D.C. (Chip Somodevilla/Getty Images / Getty Images)
Leavitt insisted Tuesday that "all options are on the table for each country" when it comes to making deals over the latest U.S. tariffs, but warned those who retaliate that Trump "has a spine of steel and he will not break."
Leavitt said since Trump’s "Liberation Day" tariff announcements, 70 countries have already reached out to the president to begin negotiations.
China, led by President Xi Jinping, announced new tariffs against the U.S. on Wednesday, April 9. (Ton Molina/Bloomberg via Getty Images / Getty Images)
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"On the other hand, countries like China who have chosen to retaliate and try to double down on their mistreatment of American workers are making a mistake. President Trump has a spine of steel and he will not break," Leavitt added.
FOX Business’ Eric Revell contributed to this report.