BEIJING: China on Friday retaliated to the US and announced the imposition of heavy tariffs on American products in response to the trade tariffs imposed by the United States.
US President Trump imposed a 54% tariff on the import of Chinese products. In response to this, China today announced a 34% tariff on the import of American products.
Not only did China impose tariffs on American products, but its Ministry of Commerce also added 11 American companies to the list of “unreliable entities that will not be able to do business in China.”
China has also filed a lawsuit against the US tariffs at the World Trade Organization (WTO).
Beijing also imposed strict restrictions on the export of seven minerals, including gadolinium and yttrium, which are important in the production of medical devices and electronics.
In addition, Chinese customs authorities have also banned the import of American chicken. The restrictions imposed by China will come into effect from April 10.
U.S. Tariff
It may be recalled that President Donald Trump on Thursday announced to impose retaliatory tariffs on various countries of the world.
He signed an executive order on retaliatory tariffs at the White House and said the imposition of retaliatory tariffs would be good for the United States.
President Trump announced the imposition of retaliatory tariffs on various countries, including Pakistan, China and Turkey. The US President has announced to impose a 29% tariff on Pakistani products, which will come into effect from April 9.
Trump said he would impose tariffs of 20% on the European Union, 34% on China and 24% on Japan. The tariffs will be 26% on India, 17% on Israel and 10% on the United Kingdom. The U.S. stock market fell 1,500 points after Trump announced a global tariff hike.
According to western media, financial markets around the world are under severe pressure after the announcement of the tariff increase, but the biggest loss so far has been the U.S. stock market, which is the worst performance of U.S. stocks since the Covid epidemic.
