China imposes retaliatory tariff of 34% on imports of all American goods!
China announced on Friday that it would impose a 34% tariff on imports of all American products starting April 10, part of a slew of retaliatory measures following US President Donald Trump's double-digit "Liberation Day" tariffs.
The new tax matches the rate of a 34% US "reciprocal" tariff on Chinese exports that Trump ordered this week.
The Ministry of Commerce in Beijing also said in a statement that it would impose more export controls on rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries.
The Chinese government added that it would add 27 US companies to a list of firms subject to trade sanctions or export controls. It also announced that it had filed a complaint with the World Trade Organization over the tariffs.
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