China has announced additional tariffs and some restrictions on US products. China took this decision as a countermeasure to the Donald Trump administration’s tariffs on various countries around the world, including China.
China’s Ministry of Finance has announced that an additional 34% tariff will be imposed on all products coming from the US from April 10.
Beijing has also announced controls on the export of medium and heavy rare earth minerals including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium.
Last Wednesday, Donald Trump announced the imposition of new tariffs on products from more than 100 countries as part of the new ‘reciprocal tariff’ policy.
His announcement increased the tariff on products imported from China by another 34% to 54%.
Soon after returning to the White House in January, Trump imposed a 20% tariff on Chinese imports.
On Wednesday, the United States imposed a 37% tariff on Bangladeshi goods under the same tariff policy, which had been an average of 15% until now.
Source: BBC