Summary
Trump will raise tariffs on all Chinese imports to at least 104% starting Wednesday, after China refused to withdraw planned 34% retaliatory tariffs.
The move, adding 84% on top of existing duties, aims to punish what the White House calls China's mistreatment of American workers.
China condemned the escalation and vowed to retaliate. U.S. markets fell on the news.
With average tariffs on Chinese goods set to reach nearly 125%, prices for electronics and other imports are expected to surge.