China hit with 104% tariffs as US trade war escalates

The US hit China with 104% tariffs Wednesday, escalating the trade conflict with Beijing.

The Trump government is readying negotiations with other countries, but staying firm on imposing the hiked duties on Beijing in response to the latter’s own tit-for-tat levies.

China is also unwilling to back down, leading to an “impasse” that will likely cause long-term economic damage, an expert said.

Washington is more likely to succumb to the pain of a trade war, Chinese analysts believe, but to endure a prolonged conflict, Beijing will have to further prop up its beleaguered economy and “bite the apple of decoupling,” The Economist wrote.