President Donald Trump on Wednesday − in the latest twist of the tariff saga that has roiled financial markets for days − said he was authorizing a 90-day pause in reciprocal fees while raising China's levy to 125%.
China and the European Union earlier had unveiled stiff retaliation levies aimed at counteringTrump's tariff blitz, while an unfazed Trump urged global companies to set up shop in the U.S.
The Chinese Finance Ministry announced 84% tariffs on U.S. goods starting Thursday, up from the 34% previously announced.
“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,” the Ministry of Commerce wrote in a document released Wednesday.
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