China’s President has confirmed that he is now imposing a massive 84% tariff on all American goods from Thursday, 50% higher than what was announced in the past.
The news is a massive escalation of a global trade war. The news has resulted in financial markets around the globe to crumble since American president Trump shared a huge raft of reciprocal tariffs on Liberation Day.
Imports to the US from nearly all nations were slammed with the baseline 10% levy, with Trump increasing the percentage depending on trade benefits.
But seeing China hit in this massive manner did not go down well, as imports were first said to receive a 104% which went up to 125%.
The news had the global market crashing drastically. So far, the FTSE 100, which is the index detailing the value of the UK’s top 100 biggest companies, saw a drop of 3.6%.
Germany’s DAX was down 4% while the French CAC 40 went down 4%. American index funds were also said to fall when they open at 2:30 pm UK time. But Trump mentioned last night that many of the nations are calling him up right now and trying to ‘kiss his ass’ to try and ask for some leverage.