With tariffs of 84% on imported American products — up from the previously announced 34% — China is responding to President Trump’s announcements yesterday, as revealed today by the Chinese Ministry of Foreign Affairs.

These specific measures will take effect from April 10, according to the same announcement.

The announcement of the new tariffs from China led to a new “plunge” in U.S. markets, with the S&P 500 immediately dropping by 1.5%. At the same time, the Stoxx Europe 600 saw a drop of 4.2%.

Earlier, Beijing had used strong language against the actions of U.S. President Donald Trump regarding the bilateral trade relationship, calling his moves “threatening and coercive” and “one mistake after another.”

Furthermore, in a White Paper published on Wednesday, the Chinese government once again expressed its intention to respond with countermeasures, warning that Washington would have to face the consequences of its own actions.

The White Paper made it clear that Beijing has no intention of backing down in the trade war and recalled the last communication between Trump and Xi Jinping. “Trade wars have no winners, and protectionism leads to a dead end,” it stated. It emphasized that the economic progress of China and the U.S. is a shared opportunity, not a mutual threat.

Meanwhile, China’s Ministry of Foreign Affairs reiterated on Wednesday that Beijing will take “resolute and forceful” actions to protect its interests, following the enactment of a total of 104% tariffs on Chinese imports to the U.S., and called on Washington to stop its “arrogant behavior and bullying.”

“If the U.S. truly wants to resolve the issue through dialogue and negotiations, it must demonstrate a stance of equality, respect, and mutual benefit,” said Foreign Ministry spokesperson Lin Jian during a regular press briefing.

Echoing the comments made by the Ministry of Commerce on Tuesday, Lin said, “If the U.S. insists on waging a tariff and trade war, China will certainly fight to the end.”

Additionally, China’s Ministry of Commerce stated it has a “strong resolve” to respond to Washington’s trade war, according to the official Chinese news agency Xinhua.

“China will take decisive countermeasures and will fight to the end if the U.S. insists on continuing its escalation of restrictive economic and trade measures,” the ministry said, according to the state news agency.

“There are no winners in a trade war,” the Ministry of Commerce said in a statement. “China does not desire this, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away.”