China is hitting back harder in the trade war as it announced it will raise tariffs on American goods to a staggering 84% starting Thursday, up from the previously set 34%. 

It also added 12 U.S. companies to its export control list, banning exports of certain items. Six others, including Shield AI and Sierra Nevada Corporation, were labeled “unreliable” and banned from doing business or investing in China. China’s move further escalates the US-China tensions and the potential repercussions it could have on the global markets. 

U.S. stock index futures plunged sharply after the announcement. 

“The situation has dangerously escalated. As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” China said in a statement to the WTO, reported Reuters.

At a WTO trade meeting, China slammed the US for its reciprocal tariffs calling it a violation of global trade rules which undermine the multilateral trading system. It stressed that reciprocal tariff will never be a cure for trade imbalances and warned that it will backfire harming the US. 

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