Trade War: China's counterattack with 84% tariffs on the U.S. causes stock markets to plummet

The escalation of the trade war unleashed by Donald Trump's imposition of tariffs is approaching atomic levels after the counterattack by the Communist government in Beijing, raising levies on U.S. goods to 84% in an effort to limit imports. The announcement dropped like a nuclear bomb on the already battered global markets, causing sharp falls in the stock markets. Wall Street futures received the news with losses of up to 700 points (Dow Jones).

The Chinese Executive had strongly criticized Trump's stance on Tuesday, especially after the last-minute implementation of the 104% tariffs, compared to the 54% that had been announced. The White House decision was in response to the 34% levies imposed by Beijing as retaliation.

Response of the Chinese Communist Regime to Trump's "blackmail"

The Chinese Ministry of Commerce went so far as to brand Washington's move as "blackmail," while Premier, Li Qiang, assured that China has "tools" enough to "compensate" for the economic turbulence, according to Xinhua Agency.

The same news agency was the one that anticipated the response of the Communist Executive, maintaining the pressure. The increase in tariffs is once again set at the same percentage as Trump’s (50% in this case), leaving the door open for the "urgent dialogue between equals" that Beijing offers, while making it clear to the Republican that it will not be cowed by him.