Beijing hits US goods with 84% tariffs

aimed the latest blow in the escalating trade war between the United States and China, by raising new tariffs on all American imports to 84%.

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China's Ministry of Finance said it would match a 50% tariff on all imports from China that President Donald Trump announced Tuesday with its own 50% tariff. Last week, the two sides traded 34% tariffs on each other that are also taking effect now.

The latest Chinese tariffs on US goods took effect one minute after midnight yesterday in China.

China and the United States have now taken a series of steps in just one week that until very recently would have been almost unimaginable. For nearly half a century after the death of Mao Zedong, the two countries seemed on a course toward ever greater economic integration. Some experts even referred to the partnership of China and America as “Chimerica.”