China reacts to tariffs by imposing 34% duty on US goods
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China has decided to impose a 34% customs duty on all goods imported from the United States, starting from April 10th, in response to new global tariffs announced on Wednesday by U.S. President Donald Trump. Additionally, the Chinese Ministry of Commerce stated that there’ll be check-ups on the export of seven rare earth chemical elements, including gadolinium, which is used for MRI scans.
Moreover, 16 U.S. companies have been added, starting today, to the export control list – which monitors companies considered a risk to China's security and national interests. Beijing has also filed a complaint with the World Trade Organization, and in a press release, the Chinese government stated that the new U.S. tariffs severely harm both the interests and rights of WTO members and the entire multilateral trading system.
A few hours after the announcement, U.S. Secretary of State Marco Rubio commented, stating that China imposes tariffs and barriers to distort markets. Meanwhile, JP Morgan predicted that with the current U.S. trade policy, 60% of the global economy will fall into recession by the end of the year.
Moreover, 16 U.S. companies have been added, starting today, to the export control list – which monitors companies considered a risk to China's security and national interests. Beijing has also filed a complaint with the World Trade Organization, and in a press release, the Chinese government stated that the new U.S. tariffs severely harm both the interests and rights of WTO members and the entire multilateral trading system.
A few hours after the announcement, U.S. Secretary of State Marco Rubio commented, stating that China imposes tariffs and barriers to distort markets. Meanwhile, JP Morgan predicted that with the current U.S. trade policy, 60% of the global economy will fall into recession by the end of the year.