China announces tariffs on 128 US products

China's Customs Tariffs Commission announced tariffs on 128 American products that take effect "immediately", beginning April 2nd.

Key highlights

China's Tariff Commission's statement, released on the Finance Ministry's website late Sunday, detailed immediate tariffs being placed on US products, namely a 25% tariff on American pork products and 15% tariffs on various fruits and fruit products. China's sudden acceleration of the tit-for-tat trade war runup following a week of hopeful headlines suggesting that middle ground may be reached in negotiations is likely to give way to renewed market fears and could pressure the Asia session currencies heading into the new week.