China Hits Back with 84% Tariff on U.S. Goods as Trade War Escalates

According to reports from Fox News and CBS, China has decided to impose an 84% tariff on U.S. goods entering the country, starting April 10. This marks a sharp increase from the previous 34% rate. The move is seen as a retaliatory response to the U.S., which recently announced a total tariff hike of 104% on Chinese goods.

U.S. Treasury Secretary Scott Bessent described the escalation as a "loser" for China. Speaking to Fox News, he called China the "worst offender in the international trading system" and described its economy as "the most imbalanced economy in the history of the modern world."

"It's a pity they don't want to negotiate," he added.

The tariff standoff between the U.S. and China has triggered a drop in global stock prices. Despite growing concerns, both superpowers have so far refused to back down. As the situation escalates, the rest of the world is hoping it can still be resolved at the negotiation table.