Bejing: China to raise its retaliatory tariff on US to 84 per cent, up from 34 per cent, effective April 10.

Earlier in the day, China released a white paper criticising the US for imposing tariffs on over USD 500 billion worth of Chinese exports since 2018, calling it a form of "unilateralism and protectionism" that undermines global trade cooperation.

China's State Council Information Office on Wednesday released a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations."

The paper alleged that friction in trade between the US and China has significantly impeded normal economic and trade cooperation between the two countries, as reported by Xinhua.

According to Xinhua, the Chinese government issued the document to clarify the facts about China-US economic and trade relations and elaborate the position of the Chinese side on relevant issues, according to the white paper. This comes after the White House announced on Tuesday (local time) the imposition of a 104 per cent tariff on China starting Wednesday, marking a significant escalation amid the tariff tension that has shaken the markets.

During a press briefing, White House Press Secretary Karoline Leavitt emphasised that it was a "mistake" for China to retaliate against the US, asserting that when America is challenged, the response is forceful and unyielding.

"It was a mistake for China to retaliate. When America is punched, He punches back harder. That's why there will be 104 per cent tariffs going into effect on China tonight... If China reaches out to make a deal, he will be incredibly gracious," Leavitt declared.