The U.S.-China trade war intensified on Wednesday as Beijing retaliated against Donald Trump's sweeping 104% tariffs by hiking its own levies on all American goods from 34% to 84%. China's finance ministry confirmed the new tariffs will be effective from April 10, while also placing 12 U.S. entities on its export control list and naming six firms as “unreliable entities.”

The move follows Trump's decision to impose massive duties on Chinese imports, stating he was “waiting for a response” from Beijing. That response came swiftly, with China also tightening export controls on critical rare earth materials essential for U.S. tech and defense industries.

Global markets shuddered, with U.S. stock index futures tumbling shortly after the announcement. Premier Li Qiang said China has "ample tools" to absorb external shocks, signaling no retreat in this high-stakes economic showdown.