On Friday, China announced it will implement a 34% tariff on all imports of U.S. products starting April 10. This measure is in direct response to the 'reciprocal' tariff of the same rate imposed by U.S. President Trump earlier that week. Additionally, China's Commerce Ministry confirmed plans to impose stricter export controls on rare earth materials, essential for the production of high-tech products like electric vehicles and computer chips, indicating escalating trade tensions between the two nations.
China's decision to impose a 34% tariff on all U.S. imports is a direct response to the recent tariff set by the U.S., matching reciprocal rates.
The new tariffs by China reflect ongoing trade tensions, emphasizing their strategic choice to retaliate amidst escalating economic hostilities with the United States.
Additionally, China plans to enforce tighter export controls on rare earth materials, crucial for the production of advanced technology like electric vehicles and computer components.
This trade move marks another significant escalation in the tit-for-tat tariff game between the two largest economies, highlighting increasing volatility in global trade relations.
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