CHINA has hit back at Donald Trump as hiked tariffs up to 84% on the US in a return salvo in the brewing global trade war.
Beijing blasted Washington as making a “mistake on top of a mistake” as Trump’s new 104% hike took effect early on Wednesday.
Trump has doubled down on his measures that have rocked the global economy, blasting “trade cheats” and saying nations are lining up to “kiss my a***” to get a deal.
Don enforced his new round of tariffs on dozens of nations he dubbed the “worst offenders” and accused of taking advantage of the US on trade.
China was at the top of the list and he boosted their tariff to the staggering 104% - going from 20% base, a 34% increase, and then a 50% add on after they refused to back down.
Trump has said his tariff regime will post standards of living in the US and make them more competitive on the global stage.
He has insisted his first wave of tariffs, introduced on nations such as the UK on Saturday, are already raking in billions of dollars.
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European markets have plummeted even more after China announced 84% tariff on US imports.
The main UK-listed companies' index, the FTSE 100, has fallen 3.3% so far today, while the French Cac 40 and German Dax have both fallen 4%.
All eyes will be on US markets after they open at 14:30 BST.
China's finance ministry has increased a tariff on all goos imported from the US by 84%.
The change will be implemented on April 10.