China not backing down! Beijing hits back at US with 84% tariffs on all US goods from April 10, after Trump's 104% duty

China hits back at the United States on Wednesday (April 9), with 84% tariffs on all American goods starting from Thursday, Beijing's finance ministry announced. 

China's finance ministry said it would impose additional tariffs on US goods from April 10. 

It further stressed that they had added 12 US entities to the export control list and 6 US entities to the 'unreliable entity' list.

Also read: China trying to be friends with India again? Beijing asks India to 'stand together' amid Trump's tariffs

After the announcement, the US stock index futures also reportedly took a sharp dive. 

Earlier, China announced to impose 34% tariff after US President Donald Trump imposed the "reciprocal tariffs" on April 2. Following this, Trump warned China to roll back its retaliatory tariffs or the US would respond with an additional 50% tariff. 

He also took to Truth Social, saying that "China played it wrong, they panicked - The one thing they cannot afford to do!"

Also read: China's 'neighbourhood first' policy amid Trump tariffs: Xi Jinping advocates better ties with neighbours as 104 pc duties kick in

On Tuesday, the US President slapped a 104% tariff on Chinese goods starting from Wednesday. 

White House press secretary Karoline Leavitt said Donald Trump is taking a “custom, tailor-made” approach to trade with each country. That could include talks around military presence or foreign aid, depending on America’s priorities.

“Negotiations will be based on America’s needs,” she said.

China had also said that it would control exports of medium and heavy rare earths, materials that are used in high-tech products such as computer chips and electric vehicle batteries. 

Also read: Trump mocks world leaders, claims 'countries are calling us up, kissing my a**,' to negotiate tariffs

Moreover, the Chinese government has declined to comment on whether it would negotiate with the US, like other countries. 

“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Chinese commerce ministry said in its statement.

China also issued a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations", criticising the US for imposing tariffs on over $500 billion worth of Chinese exports since 2018. 

The Chinese government issued the paper to clarify the facts about China-US economic and trade relations. 

Also read: ‘China wants a deal, badly’: Trump slaps 104% tariff after Beijing defies ultimatum, says 'waiting for their call'

(With inputs from agencies)