World shares are slump­ing again on Wednes­day af­ter U.S. Pres­i­dent Don­ald Trump’s lat­est tar­iff hikes took ef­fect and he threat­ened to add still more. Chi­na an­nounced coun­ter­mea­sures, say­ing it will raise its re­tal­ia­to­ry tar­iff on the U.S. to 84%, up from 34%, ef­fec­tive April 10.

Where the mar­kets stand:

Asia: Japan’s Nikkei 225 closed 3.9% low­er, at 31,714.03. Hong Kong’s Hang Seng rose 0.7%, while the Shang­hai Com­pos­ite in­dex closed 1.3% high­er. Thai­land’s bench­mark al­so rose, ap­par­ent­ly due to spec­u­la­tion that Bei­jing might be prepar­ing to hold talks with the Trump ad­min­is­tra­tion.

U.S. fu­tures: The un­con­firmed ru­mors about pos­si­ble U.S.-Chi­na ne­go­ti­a­tions helped push the fu­ture for the S&P 500 up 0.3%, while that for the Dow was un­changed.

Eu­rope: In ear­ly trad­ing, Ger­many’s DAX slipped 2.5% to 19,762.13; the CAC in Paris 40 de­clined 2.6% to 6,917.13; and Britain’s FTSE 100 gave up 2.6% to 7,704.82.

Chi­na has raised tar­iffs on Amer­i­can goods to 84% to match Trump’s ad­di­tion of a 50% tar­iff, while adding an ar­ray of ad­di­tion­al coun­ter­mea­sures Wednes­day.

The 84% tar­iff will go in­to ef­fect Thurs­day, and comes as a 104% tax on the coun­try’s ex­ports to the U.S. came in­to ef­fect.

“If the U.S. 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 wrote in a state­ment in­tro­duc­ing the white pa­per.

The gov­ern­ment de­clined to say whether it would ne­go­ti­ate with the White House, as many oth­er coun­tries have start­ed do­ing.