In a swift response to the latest tariffs imposed by the Trump administration, China has announced retaliatory measures, adding an additional 50% tariff on US goods, on top of a planned 34% charge. This move will see US exports to China taxed at a staggering 84%, further escalating the ongoing trade war between the two nations.

The Chinese Tariff Commission stated that the US's practice of escalating tariffs on China is a "mistake on top of a mistake," which seriously infringes on China's legitimate rights and interests and damages the rules-based multilateral trading system. This strong rhetoric underscores the growing tensions between the two economic powerhouses.

Last week, China announced a 34% tariff on goods imported from the US, matching the rate that the US would impose on Chinese goods. However, Trump's administration responded by adding an additional 50% levy, which China is now matching in return. The new US tariffs on China, and other countries around the world, took effect today, with the 84% rate added onto existing 20% tariffs for a total of 104%.

In addition to the elevated tariffs, China has also added 12 US companies to its export control list, joining 16 additions from last week. This move bans the export of dual-use items – anything that can be used for both civilian and military purposes – to those companies. The implications of this move are far-reaching, with potential consequences for US businesses operating in China.

The European Union is expected to confirm its own retaliatory measures soon, with a vote taking place today. This could lead to a broader trade war, with multiple countries imposing tariffs on each other's goods. The global economy is likely to feel the impact of these escalating trade tensions, with consumers and businesses alike bracing for the effects of higher prices and reduced trade.

The tech industry is already feeling the pinch, with companies like Framework delaying laptop orders in the US due to the tariffs. The creator of the Arduboy, a tiny Game Boy, has also stated that his product won't survive Trump's tariffs. As the trade war continues to escalate, it remains to be seen how other industries will be affected.

In the midst of this trade war, the global economy is holding its breath, waiting to see how the situation will unfold. One thing is certain – the consequences of these tariffs will be far-reaching, with potential long-term effects on the global trade landscape.

As the situation continues to develop, we will provide updates and analysis on the implications of these tariffs and the ongoing trade war between the US and China.