China announced the imposition of a 34% tariff on all imports from the United States, effective April 10. This action comes in direct response to President Donald Trump’s recent tariff measures targeting Chinese goods. The Chinese Ministry of Finance stated that these tariffs are a countermeasure to what they describe as “unilateral bullying” by the U.S., asserting that such actions violate international trade norms and harm the global economy.
In addition to the tariffs, China has expanded export restrictions on rare earth elements, which are critical components in various technological and military applications. Furthermore, the Chinese government has blacklisted 16 additional U.S. companies, intensifying the trade conflict between the two nations.
The repercussions of these escalating trade tensions have been felt across global financial markets. Major stock indices have experienced significant declines, with investor concerns mounting over the potential for a global recession. U.S. stock futures dropped sharply, erasing approximately $2.4 trillion from U.S. equities. European and UK markets have also suffered their most substantial losses in over two years, and oil prices have fallen considerably.
Despite the confrontational measures, some Chinese academics have emphasized that China remains open to mutually respectful cooperation. The international community continues to monitor the situation closely, as prolonged trade disputes between the world’s two largest economies pose significant risks to global economic stability.
Also read: U.S. President Trump imposes sweeping reciprocal tariffs on all countries
