China’s government on Friday said that effective from April 10, it will levy a 34% tariff on all US imports.
The new tax is equivalent to the rate of the “reciprocal” tariff that US President Donald Trump announced last week.
“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful, and mutually beneficial manner,” the ministry said, according to a Google translation.
In addition, Beijing’s commerce ministry announced that it will tighten export regulations on rare earths, which are components of high-tech goods like computer chips and batteries for electric cars.
Additionally, China’s Finance Ministry announced that it would add 27 US corporations to a list of businesses that are subject to export curbs or trade sanctions.
Beijing also declared that it has brought a case against the World Trade Organization about the tariff problems.
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According to a Google-translated report from Chinese state news outlet Xinhua, it also denounced Washington’s decision to impose 34% more reciprocal levies on China, bringing the total U.S. tariffs against the nation to 54%. It said that the move was “inconsistent with international trade rules” and “seriously” undermining Chinese interests, as well as putting “global economic development and the stability of the production and supply chain” at risk.
