New Delhi, April 9 -- Oil prices plunged as much as 7% on Wednesday, hitting fresh four-year lows before recovering some ground, after China announced additional tariffs on U.S. goods in retaliation against President Donald Trump's tariff policy.

China will impose 84% tariffs on U.S. goods from Thursday, up from the previously announced 34%, the finance ministry said. Brent futures were down $2.47, or 3.9%, to $60.35 a barrel at 1423 GMT. U.S. West Texas Intermediate crude futures were down $2.35, or 3.9%, at $57.23.

Both contracts lost about 7% before paring losses.

Trump's 104% tariffs on China kicked in from 12:01 a.m. EDT (0401 GMT) on Wednesday, ratcheting up duties after Beijing failed to lift its initial retaliatory tariffs on U...