Beijing announced the step after U.S. tariffs on Chinese goods rose to 104%.
President Donald Trump’s severe tariffs against virtually all U.S. trading partners took effect on Wednesday at 12:01 a.m. ET. Among them is a hefty 104% tariff rate on China.
Trump has described the tariffs as “reciprocal,” saying the steep toll will correct a grievance he’s held for “35 years:” that the U.S. is being “ripped off” by trade imbalances.
The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.S., boosting the economy, while the immediate fallout from his tariffs announcement has seen major losses in the stock market.
