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The European Union took action on Wednesday, imposing tariffs on over €20 billion worth of American imports such as soybeans, motorcycles, and beauty products, in response to the tariff hikes introduced by US President Donald Trump.
In a statement, the European Commission confirmed the countermeasures, noting they directly respond to earlier US tariffs on steel and aluminium.
The Commission clarified that these tariffs could be lifted if the United States agrees to a mutually fair and balanced deal. However, the EU has yet to respond to Trump’s most recent round of tariff increases.
China Hits Back with 84% Tariffs After Trump’s 104% Hike on Imports
In a decisive response to Donald Trump’s recent move to impose a 104% tariff on Chinese imports, China announced it would implement 84% tariffs on U.S. goods starting April 10. The Chinese Ministry of Finance confirmed this update, significantly increasing the previous rate of 34%, as reported by Reuters.
This move escalates the ongoing trade standoff between the United States and China, with both sides taking firm steps to protect their economic interests.
Alongside the new tariffs, China’s Ministry of Commerce took additional measures by placing 12 U.S. companies on its export control list. It also added six more American firms to its “unreliable entity” list, signaling tighter restrictions on U.S. businesses involved in Chinese markets.
The announcement immediately triggered a negative reaction in financial markets, with U.S. stock index futures sharply declining. The drop reflected heightened investor fears over worsening trade relations between the two largest global economies.
This latest escalation follows Trump’s decision to levy steep tariffs on Chinese products, which the White House confirmed began collection on April 9. The tit-for-tat tariff war continues to stoke uncertainty in global trade and financial markets.
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