China has announced an 84% retaliatory tariff on US imports, escalating the trade war between the two global economic powerhouses.

This move comes in response to President Donald Trump’s 104% tariff on Chinese goods, which took effect today.

China’s tariff on US imports will now rise from 34% to 84%, effective Thursday.

US stock index futures plummeted on Wednesday, with Dow E-minis down 1.87%, S&P 500 E-minis down 1.72%, and Nasdaq 100 E-minis down 1.45%.

The tit-for-tat exchange is part of an ongoing trade dispute between the US and China, with both countries imposing tariffs on each other’s goods.

This is a developing story…