New Delhi, April 10 -- China on Wednesday slapped 50% tariffs on US goods, raising levies from 34% to 84%, and retaliating against President Donald Trump's punishing new round of tariffs, which pushed up duties against Chinese goods to 104% a day before. The move, and developments hours later when the president raised tariffs on Chinese goods to 125%, laid to rest any doubts that Trump's "reciprocal retaliatory tariffs" would result in an all-out trade war. China is the world's second largest economy and an exports powerhouse; the US is the world's largest economy.

Beijing also added 12 US entities to the "export control list" and six US firms to the "unreliable entity list", state-run news agency, Xinhua, said on Wednesday. This effecti...