BEIJING: China’s finance ministry said on Friday (Apr 4) it will impose additional tariffs of 34 per cent on all US goods from Apr 10 as a countermeasure to sweeping tariffs imposed by US President Donald Trump.
Beijing also imposed exports controls on seven rare earth elements, its commerce ministry said, including gadolinium – commonly used in MRIs – and yttrium, which is used in consumer electronics.
China, the world’s second largest economy and a major US trading partner, will be hit with a 34 per cent tariff, on top of the 20 per cent levy previously imposed on the country, bringing the total new levy to 54 per cent.
Beijing previously responded to tariffs imposed by the Trump administration earlier this year, announcing 10 to 15 per cent tariffs on fuel and US agricultural products like soybeans, wheat and chicken.
Experts say Beijing’s response will be calibrated to signal resolve but also careful not to derail China’s fragile economic recovery.
