China on Friday announced that it would impose additional tariffs of 34% on all US goods from April 10, days after Donald Trump announced reciprocal tariffs on several countries.
US President Donald Trump with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. (Reuters)
Beijing also announced controls on exports of medium and heavy rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries, from April 4, reported AFP.
{{^htLoading}} {{/htLoading}}
"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," China's commerce ministry said in a statement.
The Chinese government also said it would add 27 US companies to lists of companies subject to trade sanctions or export controls, reported the Associated Press.
Beijing has also announced that it will file a lawsuit with the World Trade Organization (WTO) over the latest tariffs.
Trump's tariff
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
Trump on Wednesday announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries.
{{/usCountry}}
{{#usCountry}}
Trump on Wednesday announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries.
{{/usCountry}}
The announcement jolted markets worldwide, but Trump said that was to be expected.
The tariffs ranged from 10% to 49%. The US President levied a 26% tariff on India, 34% on China, 46% on Vietnam, and 10% on the UK. The EU has been slapped with a 20% tariff, while 49% has been levied on Cambodia. Imports from South Korea will attract 25% tariffs.
{{^htLoading}} {{/htLoading}}
“Taxpayers have been ripped off for more than 50 years," Trump said while announcing the tariffs at the White House. "But it is not going to happen anymore.”
The latest tariffs bring average US tariffs on all Chinese products to as high as 65%, according to Bloomberg. That rate includes existing tariffs from the first Trump term that were maintained by the previous Biden administration.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Get the latest World News, breaking headlines and global updates from the US, UK, Pakistan, Bangladesh, Russia and other countries. Follow major international events on Hindustan Times.
Get the latest World News, breaking headlines and global updates from the US, UK, Pakistan, Bangladesh, Russia and other countries. Follow major international events on Hindustan Times.
Home/World News/China retaliates against Donald Trump's tariffs, to impose 34% tax on all US goods
{{^htLoading}}
Advertisement
{{/htLoading}}
SHARE THIS ARTICLE ON
{{#usCountry}}{{/usCountry}}
Hindustantimes wants to start sending you push notifications. Click allow to subscribe
