China Hikes Tariffs to 84%, Wall Street Futures Drop 2%
By yash chouhan 2025-04-09 17:56:37
China raises tariffs on US imports to 84%, Wall Street Futures plunge nearly 2%
China has again retaliated to US tariffs, and has increased its tariffs on imported American goods to 84 percent, effective April 10. China had earlier imposed 34 percent tariff on US imports.
China added 12 US entities to export control list, and six firms to its unreliable list. Consequently, Wall Street Futures were trading sharply lower, with Dow Futures trading 1.7 percent lower, S&P 500 Futures trading 1.5 percent lower and Nasdaq Futures dropping 1.3 percent lower.
European indices were lower between 3-4%. Tracking the sentiment, Nymex crude futures fell by more than 5-6% to slip to $56 per barrel. Earlier in the day, China's PBoC relaxed its control over offshore yuan, sending it down to record low against the dollar.
US President Donald Trump had imposed a slew of reciprocal tariffs on a number of nations on April 2, with China being charged 34 percent. Beijing promptly hit back, imposing 34 percent tariff on US imports.
The trade war intensified after Trump further hiked the tariff on Chinese imports to 104 percent. China has now again retaliated, hiking its tariffs on American imports to 84 percent.
