In response to President Donald Trump’s reciprocal tariff, China has announced a slew of countermeasures, including a 34 per cent tariff on imports from the US.
The increased tariff rate announced by the Chinese Ministry of Finance on Friday matches the 34 per cent tariff President Trump imposed on the Asian country earlier in the week.
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The Chinese Ministry of Commerce said the tariff will take effect on Thursday, 10 April.
Mr Trump had described the tariff as payback for unfair trade policies used in the past years. He imposed a 10 per cent “minimum baseline tariff” on all imports into the country and reciprocal tariffs, which specifically target imports from 60 nations including Nigeria.
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China was one of the countries most affected. Earlier in the year, Mr Trump imposed a 20 per cent import duty tied to fentanyl trafficking on the country. As a result, Chinese imports now face tariffs well above 50 per cent.
President Trump also plans to end duty-free shipping of small parcels from China under the “so-called de minimis exemption.”
The Chinese Commerce Ministry described the policy as undermining the balance of interests established through years of multilateral trade negotiations.
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Then on Friday, China retaliated by announcing stiff export controls on key minerals and businesses, limiting what could be exchanged with the US.
“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 Ministry of Commerce said in a statement.
However, President Trump criticised China’s retaliatory measure in a post on Truth Social, saying, “China played it wrong. They panicked – The one thing they cannot afford to do!”
WTO
China has also filed a formal complaint against the new US tariffs with the World Trade Organisation (WTO).
READ ALSO: How world leaders, countries are reacting to Trump’s sweeping tariffs
The country argued that President Trump’s recent policy violates WTO rules and is requesting consultations.
The Permanent Mission of China to the World Trade Organization said in a statement on Friday, “China has filed the WTO complaint with respect to the United States’ measures.”
The trade war, sparked by Mr Trump’s sweeping reciprocal tariffs on all imports, has raised concerns about rising prices for goods and services, as well as potential long-term harm to the country’s economy
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