China Slaps 34% Retaliatory Tariff On All US Imports

China has announced retaliatory tariffs of 34% on all US goods entering the country, starting April 10. In addition, China has unveiled export controls on seven types of rare-earth minerals to the US. China’s Ministry of Commerce also added 16 American companies to its export control list. Beijing's move against the US comes after Donald Trump imposed additional 34% tariffs on Chinese goods.

"The U.S move is not in line with international trade rules, seriously undermines China's legitimate and lawful rights and interests, and is a typical unilateral bullying practice," China's finance ministry said, as quoted by Reuters. Meanwhile, Trump on Friday reacted to China's move, saying that the country ‘played it wrong’. "China played it wrong, they panicked - the one thing they cannot afford to do!" said Trump on Truth Social.

China has also added 11 US firms to its “unreliable entity list”, including drone manufacturers. These companies will be reportedly prohibited from import and export activities as well as making new investments in China. At the same time, the US stock market plunged on Friday amid the intensifying standoff between the world's two biggest economies. The global stock market has lost trillions in value since Donald Trump announced taxes on goods from every country.