Pakistan, April 10 -- China is ramping up its retaliation in the global trade war, announcing a staggering 84% tariff on US goods starting Thursday - a sharp jump from the previously stated 34%, according to a statement from its finance ministry on Wednesday.

This comes hot on the heels of President Donald Trump's sweeping "reciprocal" tariffs that hit dozens of countries earlier today, including jaw-dropping 104% duties specifically targeting Chinese imports. The European Union isn't staying quiet either - it's expected to unveil its own countermeasures later today.

Trump's tariff crusade - which he claims is meant to end America's trade deficits - has shaken the very foundations of the global trade system. The fallout? Mounting recess...