China announced on Friday its decision to charge 34 % tax on all American imports starting next month.
The tax rate, successful April 10, equals the “reciprocal” work implemented by US President Donald Trump before this month.
” For all imported products originating from the US, an extra price of 34 percent on top of the latest relevant tax rate may be imposed”, said Beijing’s finance department, as quoted by AFP.
Beijing’s business ministry also announced plans to develop export restrictions on rare earth elements, critical components in sophisticated technology products including semiconductor chips and EV battery systems.
China further announced its intention to challenge the tariffs through legal action at the World Trade Organisation ( WTO ).
This comes as Trump, following industry shutdown on Wednesday, announced a national emergency to adopt his extensive new tax plan, dubbed” Liberation Day” tariffs, which imposes a foundation duty of 10 per cent on almost all imports.
The program includes higher “reciprocal” jobs targeting key allies, including the European Union, Japan, and Israel.
Trump specifically targeted China, one of America’s major trading companions, with particularly severe tariffs of 34 per share, supplementing existing business tasks.
