China Slaps 34% Tariff on All US Goods in Tit-for-Tat Move

China retaliated against US President Donald Trump's latest tariffs with a slew of measures, including levies on all American goods and export controls on rare earths, dealing a fresh blow to global markets.

- BLOOMBERG

President Xi Jinping's government will impose a 34 percent tariff on all imports from the US starting April 10, matching the level of Trump's so-called reciprocal tariffs on Chinese products.

China's measures, announced simultaneously by multiple ministries on Friday evening during a public holiday, followed Trump's move to boost tariffs on global trade partners, introducing the steepest American duties in a century. The latest US tariffs will raise levies on nearly all Chinese products to at least 54 percent, potentially crippling Chinese exports to the US.

Tensions between the world's biggest economies have worsened since Trump's return to the White House. The US president has yet to speak with his Chinese counterpart more than two months after his inauguration. Both countries are locked in a stalemate over China's alleged role in the flow of fentanyl into America, which Trump cited as a reason for the previous two rounds of tariffs.