The Chinese government announced a decision to impose a 34% tariff on all U.S. imports starting next week.
Starting April 10, tariff rates equal to the “reciprocity” duties performed by U.S. President Donald Trump earlier this week.
As quoted by AFP, Beijing’s Treasury Department said: “For all imported goods from the United States, an additional tariff of 34% of the current applicable tariff rate will be imposed.”
Beijing’s Ministry of Commerce has also announced plans to strengthen export restrictions on rare earth elements, including key components in advanced technology products including semiconductor chips and electric vehicle battery systems.
China further announced plans to challenge tariffs through legal litigation from the World Trade Organization (WTO).
It was Trump’s announcement of a national emergency following Wednesday’s market closure to implement his comprehensive new tariff strategy called the “Liberation Day” tariff, which imposes a 10% benchmark responsibility on almost all imports.
The plan includes higher “reciprocity” responsibilities for key allies, including the EU, Japan and Israel.
Trump specifically targets China, one of the major U.S. trading partners, specifically the harsh tariffs of 34%, supplementing existing trade responsibilities.
