China has escalated its retaliation against the US by increasing tariffs on American goods to 84 per cent, effective from April 10. This move comes after the US imposed a staggering 104 per cent tariff on Chinese imports a day earlier, fueling trade tensions between the two economic giants.
Stock Market Response
As a result of this escalation, Wall Street Futures saw a sharp decline. The Dow Futures dropped by 1.7 per cent, S&P 500 Futures fell by 1.5 per cent, and Nasdaq Futures decreased by 1.3 per cent. The market reacted negatively to the heightened uncertainty in trade relations.
China's Export and Unreliable Lists
In addition to tariff hikes, China added 12 US entities to its export control list and six firms to its unreliable list. These moves signal China’s growing frustration and response to the US’s hardline stance on trade issues.
Call for Dialogue
Despite the rising tensions, China has urged the US to engage in dialogue and seek a resolution to the ongoing trade dispute, hoping to ease the economic impact on both nations.
