China Slaps Reciprocal Tariffs on US Goods as Markets Sink

It also said it would impose export controls on a number of rare earth elements used in medical technology and consumer electronics

- Agence France-Presse

BEIJING: China announced 34% tariffs on US imports on Friday, the first major economy to fire back against President Donald Trump's swingeing new levies in an escalating global trade war that sent markets deep into the red.

Countries and companies alike weighed their options and the EU readied for talks with US officials. Potential responses could include retaliatory tariffs or other measures that could escalate a trade war that has raised fears of recession.

China -- one of the US's top trading partners -- was first, announcing that tariffs of 34% on all American imports would come into effect from April 10 and saying it would file a suit at the World Trade Organization (WTO) over the tariffs.

It also said it would impose export controls on a number of rare earth elements used in medical technology and consumer electronics.