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China Imposes 34% Tariffs on US Imports to Retaliate Trump

China Imposes 34% Tariffs on US Imports to Retaliate Trump

Following president Donald Trump’s 34% tariff this week — as a part of his aggressive trade agenda, raising China’s levy to 65%, China has imposed the same amount for all US Imports.

Beijing has announced plans to file a lawsuit against the latest tariffs with the World Trade Organization.

“The new US duties is a typical unilateral bullying move that does not comply with the rules of international trade and seriously damages the legitimate rights and interest of China,” Beijing denounced.

While the ministry of commerce confirmed the imposition of tariffs on US Imports to commence on 10th April, Chinese exports’ levies are likely to rise by 60%+ more following the recent 34% on top of the existing tariff.

This development is coming after Trump announced on Wednesday, imposing a minimum tariff of 10% on imported products. He however, levied a much higher tax rate on products from certain countries urging all to expect jolting of worldwide markets.

More specifically, the tariffs ranged from 10-49%; 26% on India, 34% on China, 46% on Vietnam, 10% on the UK, 20% on EU, 49% on Cambodia and 25% on South Korea.

With this, the Chinese government has said it would enlist 27 US companies among companies that are subject to trade sanctions or export controls.

“The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation,” a statement by the Chinese Ministry of Commerce read.

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