China counters Trump's 104% tariffs with 84% levies on U.S. products

As mentioned ahead.. among the trade partners that are opting for retaliation over negotiation is China whose tit-for-tat strategy also includes tough rhetoric.

Lee Seung-jae covers Beijing's earlier response and more.

The two largest economies in the world are now going back and forth with tariffs, each hoping one side with succumb first.

A day after U.S. President Donald Trump announced a 104 percent tariff on Chinese goods coming into the U.S., China retaliated, announcing an 84 percent tariff on U.S. goods.

China's State Council Tariff Commission said in a statement that the U.S. escalation of tariffs against Beijing is a "mistake upon mistake," adding that it "severely" infringes upon China's legitimate rights and interests.

It added that the U.S. tariffs seriously damage the rules-based multilateral trading system.

China had warned that it would "fight to the end" if Washington continued to impose additional tariffs against the country.

On top of the 84 percent tariffs, China's Ministry of Commerce announced that it had imposed export controls on 12 American companies, banning Chinese companies from supplying them with dual-use products with military and civilian applications.

Beijing also added 6 more U.S. firms to its "unreliable entity list," which bans them from trading or making new investments in China.

Meanwhile the European Union will impose its first countermeasures against the U.S. reciprocal tariffs starting next week.

EU members agreed on Wednesday to join Canada and China in retaliating against U.S. tariff policies.

Members agreed to impose retaliatory tariffs on 23 billion U.S. dollars worth of American products, from farm produce to products from Republican states.

The EU says it will impose 25 percent tariffs on a number of goods from almonds to yachts,.. with the first levies being collected starting next Tuesday.

Most of the retaliatory tariffs will be applied from May 15th,.. and the remainder starting on December 1st.

However,.. the European Commission said in a statement that "these countermeasures can be suspended at any time, should the U.S. agree to a fair and balance negotiated outcome.

Lee Seung-jae, Arirang News.