The U.S.–China trade conflict entered a volatile new phase Monday after the White House confirmed a dramatic escalation in tariffs on Chinese imports.

According to Fox Business reporter Edward Lawrence, “White House Press Secretary says 104% additional tariffs went into effect at noon Eastern time because China has not removed its retaliation. The 104% additional tariff will be collected starting tomorrow April 9th.”

The steep new tariffs follow President Trump’s threat last week to impose punitive measures if China didn’t roll back its retaliatory 34% tariffs. Beijing refused, prompting a response that significantly raises the stakes in a trade standoff already rattling global markets.

China’s Commerce Ministry called the move “a mistake on top of a mistake” and vowed to “fight to the end.”

With inflation still sticky, unemployment rising, and consumer confidence faltering, the prospect of a full-blown trade war is raising serious fears of a policy-driven recession.

This story is developing.

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Via https://www.thestreet.com/crypto/policy/tariff-tensions-escalate-as-white-house-hits-china-with-104-hike