China will impose an 84 percent tariff on goods from the United States starting Thursday, China's Ministry of Finance said, according to Reuters. China had previously announced that a 34 percent tariff would be imposed on American goods starting Thursday.
It was initially unclear whether the 84 percent tariff would be added to the 34 percent tariff, or whether the 34 percent tariff would be raised to 84 percent. However, the Financial Times newspaper reports that China is imposing an additional 50 percent tariff on American goods, bringing the tariff rate to 84 percent.
China initially decided to impose a 34 percent tariff on American goods after US President Donald Trump announced his new, increased tariffs on goods from a wide range of countries on Wednesday last week. Trump imposed a 34 percent tariff on goods from China. Since then, the US president has announced that Chinese goods will be subject to a 104 percent tariff in the US.
The information about the Chinese tariff increase caused several leading stock indexes in Europe to fall on Wednesday afternoon - including the C25 index in Copenhagen.
jel /ritzau/
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