US President Donald Trump on Friday reacted to China's decision to impose an additional 34% tariff on all US goods, saying that "they cannot afford to do it."
President Donald Trump, left, shakes hands with China's President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, June 29, 2019. (AP)
“China played it wrong, they panicked - The one thing they cannot afford to do!" Trump wrote on Truth Social.
"For all imported goods originating from the US, an additional tariff of 34 percent on top of the current applicable tariff rate will be imposed," Beijing's finance ministry said.
The move by Beijing comes days after Donald Trump announced reciprocal tariffs on several countries, including China. The Trump administration imposed an additional 34% tariffs on Chinese goods, bringing the total new levies this year to 54%.
The announcement jolted markets worldwide, but Trump said that was to be expected.
“Taxpayers have been ripped off for more than 50 years," the US president said while announcing the tariffs at the White House. "But it is not going to happen anymore.”
What China announced
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
In addition to the 34% tariff on all US goods, Beijing also announced curbs on the export of medium and heavy rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries. These will be effective from April 4.
{{/usCountry}}
{{#usCountry}}
In addition to the 34% tariff on all US goods, Beijing also announced curbs on the export of medium and heavy rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries. These will be effective from April 4.
{{/usCountry}}
Notably, China accounts for approximately 90% of the world’s refined rare earth production, with the US relying heavily on China for its imports.
China imposed restrictions on about 30 US organisations, mostly in defence-related industries. This adds to the two dozen US companies already punished over Trump's tariffs, according to Reuters.
China’s customs administration also suspended imports of chicken from two US suppliers – Mountaire Farms of Delaware and Coastal Processing, reported the Associated Press.
{{^htLoading}} {{/htLoading}}
It claimed Chinese customs had repeatedly detected furazolidone, a drug banned in China, in shipments from those companies.
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 headlines from US news and global updates from Pakistan, Nepal, UK, Bangladesh, Russia and US Iran war Live, get all the latest headlines in one place on Hindustan Times.
Get the latest headlines from US news and global updates from Pakistan, Nepal, UK, Bangladesh, Russia and US Iran war Live, get all the latest headlines in one place on Hindustan Times.
Home/World News/Donald Trump reacts to China’s 34% tariff move: ‘Played it wrong, panicked’
{{^htLoading}}
Advertisement
{{/htLoading}}
SHARE THIS ARTICLE ON
{{#usCountry}}{{/usCountry}}
Hindustantimes wants to start sending you push notifications. Click allow to subscribe
