On Wednesday, Trump unveiled an additional 34% tariff on all Chinese goods imported into the US, in a move poised to cause a major reset of relations and worsen trade tensions between the world’s two largest economies.
In response, China “retaliated” and imposed reciprocal 34% tariffs on all imports from the United States, which will come into effect on April 10.
Based on the official website of the Chinese Ministry of Finance, the State Council Tariff Commission had a comment alongside the country’s reciprocal tariff.
“This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice.”
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.
The Trump administration imposed an additional 34% tariff 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 but it is not going to happen anymore.”
The US President didn’t take long to respond to China’s “retaliation”, with Trump saying China has “played it wrong because they panicked.”
“China played it wrong, they panicked – The one thing they cannot afford to do!” Trump wrote on Truth Social.
Trump also imposed a 24% reciprocal tariff on Malaysia.
What do you think of China’s move? Is a global war trade imminent?
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This post first appeared on WORLD OF BUZZ.
