Bangladesh, April 9 -- The long-simmering US-China trade tensions have reignited with a vengeance. In a dramatic escalation that has rattled global markets, Beijing has announced sweeping new tariffs on American goods, raising its total levy to 84%. The retaliatory move follows a drastic and unexpected decision by US President Donald Trump to slap a total of 104% tariffs on all Chinese imports, marking the highest tariff rate imposed in the history of bilateral trade between the two global economic giants.

The Chinese Ministry of Finance confirmed on April 9 that it would impose an additional 50% tariff on US imports starting at noon on April 10. This is on top of the already-existing 34% tariff, and is part of a tit-for-tat response to ...