New escalation in trade war: China raises tariffs on US goods to 84%

China has raised tariffs on US goods to 84% from 34%, effective April 10, according to a government statement released Wednesday, in a new escalation of the trade war that has rocked global markets. China's move comes as Trump's latest tariffs took effect in Beijing on Wednesday afternoon, bringing the total US tariffs on Chinese-made goods to 104%. The 50% US tariffs follow a 34% reciprocal tariff on China, in addition to the 20% fentanyl tax Trump previously imposed on Chinese goods, bringing the total US tariffs to 104%. Following China's decision on Wednesday, US Treasury Secretary Scott Besant said in an interview with Fox Business, "It's unfortunate... this escalation is a loss for them." Reuters reported that a US official indicated in statements that the United States may impose 500% tariffs on China. In a post on Truth Social, US President Donald Trump urged companies to relocate to the United States, saying, "This is the perfect time for companies to relocate to America," citing Apple and many other companies that have "done just that."