China PUNCHES BACK HARDER At Trump, On His CLUELESS Trade War, He PANICS.
China said on Friday it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.
On Wednesday, Trump unveiled an additional 34% tariff on all Chinese goods imported into the US, in a move poised to cause a major reset of relations and worsen trade tensions between the world’s two largest economies.
“This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a statement announcing its retaliatory tariffs.
Since returning to power in January, Trump had already levied two tranches of 10% additional duties on all Chinese imports, which the White House said was necessary to stem the flow of illicit fentanyl from the country to the US. Combined with pre-existing tariffs, that means Chinese goods arriving in the US would be effectively subject to tariffs of well over 54%.
China’s retaliation against the latest round of US tariffs is more sweeping than its earlier reciprocal actions. Beijing had responded to previous levies swiftly but moderately, imposing retaliatory tariffs on targeted US imports, including agricultural products and fuel, while taking action against certain American firms and ramping up export controls.
“This is a significant escalation of China’s response,” Leah Fahy, a China economist at Capital Economics wrote in a research note. “Xi Jinping appears to feel that China’s economy is strong enough to withstand whatever Trump throws at it next.”
The latest US tariffs on Chinese goods are higher than what many analysts had expected and could fundamentally reshape relations, and roughly half a trillion dollars in trade, between the two economies after decades of interdependence.
As part of the retaliatory measures announced Friday, when hundreds of millions of people in China celebrated a major public holiday called the Tomb Sweeping Festival, the country also added 11 American companies to its “unreliable entity list,” including drone manufacturers, and put export controls on 16 American companies to prohibit the export of Chinese dual-use items.
The Commerce Ministry announced anti-dumping investigations into imported medical CT X-ray tubes originating from the US and India.
In addition, Beijing also unveiled export controls on seven types of rare-earth minerals to the US, including samarium, gadolinium and terbium.
US stocks fell sharply on Friday after China announced it would retaliate. The Dow fell more than 1,000 points, or 2.7%. The broader S&P 500 traded more than 3% lower and the tech-heavy Nasdaq Composite lost 3.5%. European and UK stocks were down more than 3% Friday, on pace for their worst performance in years.
Markets have been on edge for days. On Thursday, the Dow fell more than 1,600 points, or nearly 4%. The S&P 500 fell nearly 5% and the Nasdaq plunged nearly 6%. Each major US index recorded its worst performance in about five years, since the pandemic. #NewsThatYouNeed, #Trump, #TrumpTariffs, #Tariffs, #Canada, #Tax, #Trade, #China, #TradeWar, #MarkCarney, #USEconomy, #USStocks, #Europe,
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