China imposing 34 percent tariffs on all US goods
China, in the wake of President Trump's latest tariffs on foreign trading partners, announced Friday it will hit the U.S. with a 34 percent reciprocal tax on imports starting next week.
“The US practice is inconsistent 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 policy release.
The officials added the move "not only undermines the interests of the United States itself but also endangers global economic development and the stability of the production and supply chain."
The retaliatory tariffs, which were expected after the nation responded to the Trump administration's imposition of 34 percent tariffs on top of an existing 20 percent tax, will go in effect Thursday.
The Chinese government also noted it added 11 U.S. companies to its “unreliable entity list” and placed export controls on 16 firms to prevent the export of dual-use products.
Beijing also announced it would put in export controls on seven rare earth minerals, such as gadolinium and samarium. Additionally, a probe was kick-started into medical X-ray tubes, originating from India and the U.S.
“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” China’s State Council Tariff Commission said Friday.
Trump previously added a 10 percent tariff on the nation, accusing China of doing little to curb the flow of fentanyl and other illegal drugs coming into the U.S. The president on Wednesday announced a 10 percent flat import rate on nearly all foreign countries, adding that higher tariffs for around 60 nations will also go into effect next week.
The latest iteration of tariffs allowed Trump to fulfill a campaign promise. Despite financial market dips and economists' warnings of a potential recession that could surge prices, the administration has argued the additional taxes will boost domestic manufacturing and add more jobs.
The president is facing at least one legal challenge over the latest tariffs. The suit was filed Thursday by the conservative New Civil Liberties Alliance on behalf of Simplified, a Florida-based small business that sells planners and purchases products from China.