China Imposes 34% Tariff on US Goods in Retaliation
In direct response to the most recent round of trade levies imposed by US President Donald Trump, China has slapped new tariffs of 34% on all American exports. With the new tariffs scheduled to go into effect on April 10, the already tense trade stalemate between the two biggest economies in the world is about to get much more intense.
China’s Finance Ministry confirmed the decision Friday, following Beijing’s warning a day earlier that Washington should back off from what it described as “unreasonable” measures.
“China firmly opposes this and will take countermeasures to safeguard its own rights and interests,” the Chinese Commerce Ministry said in a statement.
In addition to the 20 percent tax that was already in place this year, President Trump said on Wednesday that Chinese imports would now be subject to a 34 percent duty, raising the overall increase to 54 percent. The tariff is getting closer to the 60% he had proposed during his presidential campaign.
A baseline 10% duty on almost all imports, including those from China and other nations, will also take effect on Saturday in addition to these rises. On April 9, the increased “reciprocal tariffs” aimed at China are expected to go into effect.
Trump also signed an executive order closing the “de minimis” loophole, which has permitted low-cost shipments from Hong Kong and China to enter the US duty-free, marking a significant change in policy. Smaller companies that depend on cross-border trade and e-commerce exports are anticipated to be impacted by the restriction.
As US officials reexamine China’s adherence to the 2020 “Phase 1” trade agreement, which mandated Beijing to boost purchases of US goods by $200 billion over two years, the tariff battle is intensifying. China has continuously failed to meet such goals, frequently attributing this on supply chain problems worldwide and the COVID-19 pandemic.
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