Beijing announced a new round of 50 percent tariffs in response to President Trump’s latest levies as the trade conflict between the superpowers escalates.

China said it will raise its tariff on US goods to 84%, retaliating to the hefty new tariffs on its imports that kicked in on Wednesday. The move came after the Trump administration followed through on a threat to add a 50% tariff on Chinese goods,

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,