China announces 34% retaliatory tariffs on US imports

China has announced it will impose additional tariffs of 34 per cent on imports from the US in retaliation for duties of the same amount unveiled by President Donald Trump this week as part of his aggressive trade agenda.

The Ministry of Commerce said on Friday that the tariff would be imposed on all imported goods originating from the US from April 10.

Financial Times on Friday reports that levies on Chinese exports are set to rise to more than 60 per cent after the US president announced “reciprocal” tariffs of 34 per cent that come on top of existing tariffs.

Beijing denounced the new US duties as “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 also announced controls on exports of medium and heavy rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries, from 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 fulfill international obligations such as non-proliferation,” China’s commerce ministry said in a statement.

The Chinese government also said it would add 27 US companies to lists of companies subject to trade sanctions or export controls.

Beijing has also announced that it will file a lawsuit with the World Trade Organization over the latest tariffs.

Trump on Wednesday announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries.

The announcement jolted markets worldwide, but Trump said that was to be expected.

The tariffs ranged from 10% to 49%. The US President levied a 26% tariff on India, 34% on China, 46% on Vietnam, and 10% on the UK. The EU has been slapped with a 20% tariff, while 49% has been levied on Cambodia. Imports from South Korea will attract 25% tariffs.

“Taxpayers have been ripped off for more than 50 years,” Trump said while announcing the tariffs at the White House. “But it is not going to happen anymore.”

The latest tariffs bring average US tariffs on all Chinese products to as high as 65%, according to Bloomberg. That rate includes existing tariffs from the first Trump term that were maintained by the previous Joe Biden administration.