China raises tariffs on US goods to 84% as trade war deepens

China announced it will raise tariffs on US goods to 84% starting Thursday, up from the previously planned 34%, in response to President Donald Trump’s sweeping tariff hike that took effect earlier the same day. The US has imposed new duties on dozens of countries, including a sharp increase to 104% on Chinese imports, intensifying a trade conflict that has rocked financial markets and sparked fears of a global recession.

Trump nearly doubled tariffs on Chinese goods from 54% last week after Beijing responded with its own measures. In retaliation, China said its trade surplus with the US is inevitable and warned it had the "means and determination" to continue countering US actions. The Chinese yuan has come under significant pressure, prompting Beijing to instruct major banks to limit dollar purchases and prevent further sharp currency declines.

Meanwhile, the EU is also preparing to implement its first wave of countermeasures, joining China and Canada in opposing Trump’s tariffs. Proposed duties of up to 25% on various US goods could be introduced in phases, according to EU documents.