Beijing, April 9: With a tit for tat policy, China retaliated to US tariffs, and has increased its tariffs on imported American goods to 84 percent.
The revised tariffs will be effective from tomorrow (April 10).
China added 12 US entities to export control list, and six firms to its unreliable list. Consequently, Wall Street Futures were trading sharply lower, with Dow Futures trading 1.7 percent lower, S&P 500 Futures trading 1.5 percent lower and Nasdaq Futures dropping 1.3 percent lower.
European indices were lower between 3-4%. Tracking the sentiment, Nymex crude futures fell by more than 5-6% to slip to $56 per barrel. Earlier in the day, China's PBoC relaxed its control over offshore yuan, sending it down to record low against the dollar.
US President Donald Trump had imposed a slew of reciprocal tariffs on a number of nations on April 2, with China being charged 34 percent. Beijing promptly hit back, imposing 34 percent tariff on US imports.
Responding to China's 84 percent tariffs US Treasury Secretary Scott Bessent commented,“I think it's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system," Bessent said in an interview with Fox Business Network. "The US is trying to rebalance toward more manufacturing. China needs to rebalance towards more consumption," he added.
Worth mentioning, the China Republic had earlier imposed 34 percent tariff on the US imports.
