The Chinese government has announced its decision to levy a 34% tariff on all American imports starting next week.
The tariff rate, effective April 10, equals the "reciprocal" duty implemented by US President Donald Trump earlier this week.
"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," said Beijing's finance ministry, as quoted by AFP.
Beijing's commerce ministry additionally announced plans to strengthen export restrictions on rare earth elements, crucial components in advanced technology products including semiconductor chips and EV battery systems.
China further announced its intention to challenge the tariffs through legal action at the World Trade Organisation (WTO).
This comes as Trump, following market closure on Wednesday, announced a national emergency to implement his comprehensive new tariff strategy, dubbed "Liberation Day" tariffs, which imposes a baseline duty of 10 per cent on almost all imports.
The plan includes higher "reciprocal" duties targeting major allies, including the European Union, Japan, and Israel.
Trump specifically targeted China, one of America's primary trading partners, with particularly harsh tariffs of 34 per cent, supplementing existing trade duties.
No comments:
Post a Comment