China to increase additional tariffs on US goods to 84% from 34% starting April 10

China will increase its additional tariffs on goods imported from the US to 84% from 34%, starting April 10, the Ministry of Finance said April 9, in retaliation to the US' most recent move.

Beijing's move comes after the US trade tariffs took effect April 9, including a scaled-up 104% tariff on China that resulted in a broad selloff across financial markets and a slump in commodity prices, including crude oil, gas and metals.

"The US's practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China's legitimate rights and interests, seriously damages the rules-based multilateral trading system, and seriously impacts the stability of the global economic order. It is a typical example of unilateralism, protectionism, and economic bullying," the ministry said in the statement.

"China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect."

In a white paper issued April 9, China's State Council said the country was open to talks with the US government while noting that it was also prepared to retaliate in the event of further aggravation.

The paper also said China is the largest export market for US soybeans and cotton, the second largest for integrated circuits and coal, and the third largest for medical devices, LPG, and automobiles.