China Responds by Imposing Additional Tariffs on the U.S.
On Friday, the Chinese government announced that, starting April 10, it will impose a 34% tariff on all imports of American products. This move comes in response to a similar measure taken by U.S. President Donald Trump. In turn, Trump warned of potential countermeasures against Beijing’s decision.
The Chinese Ministry of Finance stated:
“For all goods imported from the United States, an additional tariff of 34% will be applied on top of the existing tariff rate.”
In addition, China’s Ministry of Commerce imposed restrictions on the export of seven rare earth elements, including gadolinium and yttrium, which are used in the manufacturing of electronic products.
Beijing also blacklisted 11 American companies, effectively making it impossible for them to continue doing business in China or with Chinese firms.
China further announced that it would file a complaint against the United States with the World Trade Organization (WTO).
