China has slapped retaliatory tariffs of 84% on all US imports, deepening a trade war between Beijing and Washington.
It comes as President Donald Trump had earlier put a 104% tariff on Chinese goods – but later raised this to 125%, citing a “lack of respect” from China.
Trump has paused higher tariffs on other countries, though a “universal 10%” levy will be in place.
Financial markets in Asia jumped following news of the reprieve, with one expert saying the region is ‘breathing a massive sigh of relief’.
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