China is ramping up its retaliation in the global trade war, announcing a staggering 84% tariff on US goods starting Thursday — a sharp jump from the previously stated 34%, according to a statement from its finance ministry on Wednesday. This comes hot on the heels of President Donald Trump’s sweeping “reciprocal” tariffs that hit dozens of countries earlier today, including jaw-dropping 104% duties specifically targeting Chinese imports. The European Union isn’t staying quiet either — it’s expected to unveil its own countermeasures later today. Trump’s tariff crusade — which he claims is meant to end America’s trade deficits — has shaken the very foundations of the global trade system. The fallout? Mounting recession fears and trillions of dollars wiped off major companies’ market value. Markets worldwide took a beating as Trump’s sky-high tariffs kicked in. The US bond market also saw a brutal selloff, sparking panic that foreign investors might be pulling the plug on American assets. Calling out Beijing’s move, US Treasury Secretary Scott Bessent told Fox Business Network: “They have the most imbalanced economy in modern history. This escalation? It’s a losing game for them.” So far, the week has felt like a throwback to financial crisis days — extreme volatility, plunging stock values, and commodities and emerging markets getting dragged through the mud.