China fired a fresh salvo in its trade war with the United States on Wednesday, announcing an 84% tariff on all U.S. goods effective April 10, up from the 34% set just days ago.

The Finance Ministry’s move, revealed a short while ago, comes hours after President Donald Trump’s 104% tariffs on Chinese imports kicked in, intensifying a tit-for-tat spiral that’s roiling global markets.

The Commerce Ministry piled on, adding 12 U.S. entities to its export control list and 6 to its “unreliable entity” list, signaling a broader retaliation. U.S. stock futures tanked—Dow E-minis dropped 709 points, S&P 500 E-minis 86.5 points, and Nasdaq 100 E-minis 250.75 points by 07:08 a.m. ET—reflecting Wall Street’s alarm. The SPY, a key S&P 500 tracker, sat at $489.857, down from $496.48 the prior day, underscoring market unease.

China voiced “grave concern” at the WTO, slamming Trump’s tariffs as a “reckless” violation of trade rules that threatens global stability. “Reciprocal tariffs will backfire, harming the U.S. itself,” Beijing warned, as it censored tariff-related content on Weibo and WeChat, while letting anti-U.S. posts—like CCTV’s “#UShastradewarandaneggshortage”—flourish.

Trump, unfazed, had boasted earlier of nations “kissing my ass” to negotiate, but China’s escalation suggests defiance over desperation. With the U.S. imposing massive duties and China now matching the aggression, fears of a global recession loom larger. As futures slide and social media buzzes, the world braces for the next move in this high-stakes economic slugfest.