In a significant escalation of the trade war, China has announced a reciprocal hike in tariffs on US imports to 84%, effective April 10.

The move follows the US increasing tariffs on Chinese goods to over 100%, which kick in today.

The US exported over $140 billion to China in 2024, while importing well over $430 billion. President Donald Trump had warned against retaliation, but China is remaining firm.

Global markets have reacted negatively, with major indices seeing big drops. South Africa was also slapped with 34% tariffs on its goods to the US, which is expected to hit the automotive and agriculture sectors the hardest.