The Chinese Ministry of Finance announced that an 84 percent tariff will be imposed on all products imported from the US. The new tariffs will take effect on April 10 at 12:01 local time.
This move is a response to the US imposing a 104% tariff on China.
China's announcement also negatively impacted European stock markets:
The FTSE 100 index in the UK fell by 3.3%.
The DAX index in Germany dropped by 4%.
The CAC 40 index in France decreased by 4%.
Attention is now focused on the US stock markets, which will open at 14:30 BST.
