China to Impose Tariffs of 34% on All US Goods from April 10

Reuters04-04

BEIJING, April 4 (Reuters) - China on Friday announced a slew of countermeasures against tariffs imposed by President Donald Trump, including additional tariffs of 34% on all U.S. goods and curbs on export of some rare earths, deepening an escalating trade war.

China's finance ministry said the additional tariffs would be imposed from April 10.

Trump on Wednesday announced that China would be hit with a 34% tariff, on top of the 20% he imposed earlier this year, bringing the total new levies to 54%.

Agriculture trade took another hit as Chinese customs imposed an immediate suspension on imports of sorghums from grain exporter C&D (USA) Inc., as well as poultry and bonemeal from three U.S. firms.

Beijing also announced controls on exports of medium and heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium to the United States, effective April 4.

"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 fulfil international obligations such as non-proliferation," the commerce ministry said in a statement.

It also added 16 U.S entities to its export control list, which prohibits the export of dual-use items to affected firms.

Another 11 U.S. firms were added to the "unreliable entities" list, which allows Beijing to take punitive action against foreign entities. The targeted firms includes Skydio Inc. and BRINC Drones over arms sales to democratically governed Taiwan, which China claims as part of its territory.

The commerce ministry said the targeted companies seriously "undermined" China's national sovereignty, security and development interests and would be prohibited from new investments, import and export activities in China.

It also launched an anti-dumping probe into imports of certain medical CT tubes from the U.S. and India, and a wider industry competitiveness investigation into imports of medical CT tubes.

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Comments

  • Kerop
    04-05
    Kerop
    what was Trump expecting ?
  • Skeptical Capitalist
    04-04
    Skeptical Capitalist
    Time for short sellers to save the economy 
  • Strategy 1
    04-04
    Strategy 1
    I am waiting for others like the EU block too follow china and they should. I do not understand how one man can create such havoc and now one able to stop him I hope this will be a lesson to learn for all those who voted for him. That speech was just full of nonsense and the calculation of the supposed tariff baded on trade deficit... its really just BS. How could the administration as a whole allow this comedy, its shameful 
  • Guavaxf30
    04-04
    Guavaxf30
    China is showing they can go on their own. They did so for more than 2 millenium. With the action of restricting exports of rare earth to the US, they are also showing they can be very targetted. I will not be at all surprised if they close Tesla's business down in China. This because Elon Musk chose to be linked to Trump at the hip. Rule number one for businessmen, never get into politics.
  • TigerVision888
    04-04
    TigerVision888
    Trump enriching the short sellers?
  • neo26000
    04-04
    neo26000
    This market is no longer for the faint heart. If you play it wrongly, you will lose all your retirement funds and your children's as well. [Facepalm]  [Cry]  [Sly]  
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