In further escalating the current trade disputes, China has announced sweeping 34% tariffs on all imports from the United States, starting on April 10.
This decision, made by China’s Ministry of Finance on Thursday, directly responds to President Donald Trump’s recent increase in tariffs on Chinese products, which has revived concerns of an all-out trade war between the two largest global economies.
“The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation,” the Commerce Ministry said in a statement.
The comprehensive tariff impacts all major sectors of American exports, including agriculture, manufacturing, technology, and energy. Beijing’s measures now target U.S. products such as soybeans, semiconductor manufacturing equipment, auto parts, and high-end goods.
The Finance Ministry said these tariffs will take effect on April 10 as a retaliatory measure against Trump’s extensive tariffs. These new tariffs are in addition to those already placed on U.S. goods.
Moreover, Beijing has declared restrictions on the export of medium and heavy rare earth elements, which include samarium, gadolinium, terbium, and dysprosium.
Global markets are trembling from Trump’s extensive tariffs, which have led to a loss of $2.4 trillion in U.S. stocks and prompted governments to promise retaliation.
