China announced an 84% tariff on U.S. exports Wednesday, escalating its trade conflict with President Trump following his administration’s implementation of a 104% tariff on Chinese goods.
The retaliation is expected to significantly impact U.S. farmers, who depend heavily on exports to China. The U.S. exports approximately $145 billion in goods to China annually, much of it in oilseeds and grains, according to the U.S.-China Business Council.
Trump’s tariff hike began with a 10% levy on Chinese imports, citing Beijing’s alleged failure to curb fentanyl trafficking. That figure was later raised to 20%, then followed by a 34% tariff labeled as reciprocal, and an additional 50% shortly after China’s own response.
Financial markets reacted sharply. U.S. stock futures fell by 1.5%, oil dropped 6% to $56 per barrel, and U.S. Treasury bond yields climbed to 4.39%, signaling investor uncertainty.
The deepening trade war marks a new phase of economic tension with major global consequences for agriculture, energy, and investment.
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