China Retaliates with 84% Tariffs on U.S. Goods Amid Escalating Trade War on April 9, 2025

China escalated trade tensions on April 9, 2025, by raising tariffs on U.S. goods to 84%, a significant jump from the previously planned 34%. This action, announced by the Chinese finance ministry, follows the U.S.'s imposition of a 104% tariff on Chinese goods. The move triggered immediate market reactions, with global stock markets declining and U.S. stock futures tumbling. Bond markets also experienced a selloff, fueling concerns about foreign investment in U.S. assets. China's finance ministry condemned the U.S. tariffs as a "mistake on top of a mistake" and placed restrictions on 18 American companies, adding to the existing list of over 60 firms already targeted. The escalating trade war raises fears of a global recession and strains international trade relationships.