Tokyo | China announced it was raising tariffs on US goods from 34 per cent to 84 per cent in direct response to President Donald Trump’s latest round of punitive duties, dramatically escalating the trade conflict between the world’s two largest economies.
The retaliatory measure, scheduled to take effect on Thursday at noon, came hours after Trump imposed extra levies on Chinese goods that bring the total tariffs on China to 104 per cent since his inauguration in January.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
