ALBAWABA - Chinese Finance Ministry announced on Wednesday rising tariffs on products coming from the United States from 34 percent to 84 percent.
This comes hours after US President Donald Trump confirmed a 50 percent increase in the tariffs imposed on Chinese items to reach 104 percent.
"Additional tariff rates... will rise from 34 percent to 84 percent", effective from 12:01 p.m. local time, the finance ministry revealed in a statement.
Oil prices recorded a sharp decline globally, hitting a four-year low after the recent tariffs announced by Trump and his administration on China.
The sudden decline in oil prices is driven by escalating tensions and the economic conflict between China and the United States (US). Experts are now anticipating a global recession and weakened oil demand worldwide.
