China announces 84% tariffs on imported US products

China will raise its tariff rate on all imports from the U.S.from 34% to 84% starting from today, the Customs Tariff Commission of the State Council announced yesterday. This comes after the U.S. Government announced an increase in the so-called “reciprocal tariff” rate on Chinese exports to the U.S. from 34% to 84% on Tuesday. The Customs Tariff Commission of the State Council issued a statement condemning the move as a further mistake by the U.S. side that seriously infringes upon China’s legitimate rights and interests and gravely undermines the rules-based multilateral trading system.