China will impose additional tariffs of 84% on American goods starting Thursday, the Ministry of Finance announced on Wednesday. Previously, there was talk of 34% tariffs on American goods in response to Trump's tariffs, reported Reuters. Additionally, the country's Ministry of Commerce added 12 American organizations to the export control list and six American companies to the list of "unreliable organizations".
China stated at the World Trade Organization that the United States' decision to impose so-called retaliatory tariffs against Beijing threatens further destabilization of global trade. "The situation has dangerously escalated. ...As one of the affected members, China expresses serious concern and strongly opposes this reckless step," stated the Chinese mission to the WTO in a statement sent to Reuters. The Chinese side also emphasized that tariffs "will never be a remedy for trade imbalance," will lead "to the opposite result and harm the US itself".
Futures on American stock indices sharply declined after this announcement, S&P 500 fell by 1.5%, Nasdaq — by 1.45%.