China announces 34% retaliatory tariffs on US imports
China’s State Council Tariff Commission has announced a 34% retaliatory tariff on U.S. goods, following a similar decision by the Trump governance to impose a 34% tariff on Chinese imports. This move comes after Trump revealed his broader tariff policy, which includes a 10% base tariff on all imports, with higher rates for specific countries, including China.The Chinese government criticized the U.S.tariffs as unilateral bullying that violates international trade rules. The tariffs from both sides are set to take effect on specified dates in April. China’s response marks one of the first retaliatory measures from a country against Trump’s newly announced tariffs,contributing to market uncertainty and declines in U.S. stock futures.
China announces 34% retaliatory tariffs on US imports
China’s State Council Tariff Commission announced Friday it will impose 34% retaliatory tariffs on U.S. products, days after the Trump administration announced 34% tariffs on Chinese products.
The announcement from China comes days after President Donald Trump revealed his slate of “reciprocal” tariffs on the world. Trump’s tariffs included a baseline 10% tariff on all imports and higher rates for some other countries, including China.
WHAT TO KNOW ABOUT TRUMP’S ‘LIBERATION DAY’ TARIFFS: HOW THEY WORK AND WHO THEY HIT
Trump announced a new 34% tariff of all imports from China into the U.S., on top of a previous 20% tariff levied on the country, which will bring the total tariff to 54%. On Friday, China announced it would match the new reciprocal tariff by placing a 34% on all U.S. imports into China.
“This practice of the U.S. is not in line with international trade rules, undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” the Chinese State Council Tariff Commission said in a statement announcing the tariffs.
Trump said the 10% blanket tariff rate will go into effect on April 5, while the higher rates will go into effect on April 9. China’s new tariffs against U.S. products are set to go into effect on April 10.
The announcement comes a day after China’s commerce ministry vowed to “take resolute countermeasures to safeguard its legitimate rights and interests” against the U.S. tariffs announced Wednesday.
While various countries have announced their opposition to the looming U.S. tariffs, China is one of the first to respond by exacting the same tariff rate on U.S. products in response.
HOW COUNTRIES ARE REACTING TO TRUMP’S ‘LIBERATION DAY’ TARIFF ANNOUNCEMENTS
Trump’s sweeping tariff plans have not received a warm reception from Wall Street, with the stock market having its worst day since 2020 on Thursday.
Stock futures continued to dip Friday morning shortly after China announced its retaliatory tariffs, with the S&P 500 futures falling roughly 2.6% and the Nasdaq 100 futures falling 2.8%.
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