China’s finance ministry has announced an 84% tariff on all goods imported from the US.
The ministry says that these new charges will take effect from 12:01 CST (05:00 BST) on 10 April.
European markets – which were already down – have dropped further Wednesday after China’s announcement of 84% tariffs on US imports.
The FTSE 100 index of the largest firms listed in the UK has dropped 3.3% so far today, while the German Dax is down 4% and the French Cac 40 is down 4%.
Attention will soon turn to how US markets react to the news, when they open at 14:30 BST. Stick with us for the latest.
Read also: US says 104% tariffs will be imposed on China in trade war escalation
The price of Brent crude oil dropped to below $60 a barrel throwing Nigeria’s 2025 budget into the water.
This is the lowest price since February 2021, when the Covid-19 pandemic pushed prices down as less people used oil.
Brent crude oil is used as a global benchmark of oil prices. Analyst Ashley Kelly suggested that the White House wants oil prices to go down as this could be an advantage for the US.
How could this affect me? The price of Brent crude oil can impact the cost of many things we use every day, including the price of car fuel and heating your home.
It can also impact the cost of shipping imported goods, as well as the production cost for energy intensive industries.
