China has announced that it will impose 84% duties on goods from the United States, up from the previously announced 34% tariff, Reuters reported.

The new duties that will take effect on Thursday are in response to US President Donald Trump’s 104% levies on Chinese goods.

Trump had initially planned 34% tariffs on Chinese products in addition to the 20% rate imposed in March. However, he vowed to add another 50% levies after China announced its own 34% counter tariffs on American goods. This brought the additional tariffs on Chinese goods to 104%.

Beijing’s foreign affairs spokesperson Lin Jian on Wednesday accused Washington DC of “bullying practices” and urged the US administration to “demonstrate an attitude of equality, mutual respect and reciprocity” to resolve the trade wars, BBC reported.

However, he added that “China will be compelled to fight to the end”, in case Trump continues escalating the trade tension.

Oil prices continued to decline on Wednesday following China’s announcement of retaliatory tariffs. Brent futures fell by $4.02, or 6.40%, to $58.80 per barrel, while US West Texas Intermediate crude futures dropped $4.03, or 6.76%, to $55.55, Reuters reported.

The “reciprocal tariffs” imposed by the Trump administration on several countries took effect on Wednesday. The new tariffs were announced by US President Donald Trump on April 2. They include a 26% “discounted” levy on India.

Trump also announced a 10% minimum tariff on most goods imported into the country, which took effect on Saturday. The US government imposed a 25% tariff on all foreign-made automobiles, which took effect on April 3.

The US president had repeatedly said he intended to impose a reciprocal tax on India, among others, citing high tariffs the countries impose on foreign goods. He has already imposed tariffs on a range of products from Canada, Mexico and China.

The tariffs have led to concerns of a broader trade war that could disrupt the global economy and trigger recession.

A day after the tariffs plan was announced, New York-based financial services firm JPMorgan revised its odds for a global recession by the end of 2025 from 40% to 60%. Financial services firm Goldman Sachs has raised the probability of a recession in the US to 45% in the next 12 months from the current 35%.

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