China retaliated against President Trump’s sweeping tariffs Wednesday by hiking its levies on US imports to a staggering 84%. Beijing announced it would raise its previously announced 34% tariff to match Trump’s levy. The move, which will go into effect Thursday, came just hours after Trump’s whopping 104% levy on China went into effect. It came, too, as China’s commerce ministry vowed to “fight to the end” amid the escalating trade war with the US. “If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce said in a lengthy policy statement. In announcing the move, China said it had added 12 US companies to its export control list and six to its unreliable entities list. Companies added to the export control list include American Photonics and Novotech. Exports of dual-use items to these companies will be banned. Those added to the unreliable entities list, including Shield AI and Sierra Nevada Corporation, will be banned from China-related import and export activities and investing in China. A defiant Treasury Secretary Scott Bessent quickly fired back, telling Fox Business Network the retaliatory tariffs were a losing proposition for Beijing. “I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” Bessent said. This is a developing story. Please check back for updates.