China has announced a 34 percent tax on all US imports with effect next week, in retaliation for President Donald Trump’s tariff orders.
The tariffs, scheduled to take effect on Thursday, mirrored the 34 percent rate that Trump imposed this week on Chinese goods entering the United States, the Associated Press reported.
Earlier, in February and March, Trump introduced two rounds of 10 percent tariffs on Chinese products, citing China’s alleged role in the fentanyl crisis.
Following China’s retaliatory measures, the US stock market saw a significant decline on Friday.
In addition, Euronews reported, referencing China’s Ministry of Finance, Beijing had lodged a formal complaint with the World Trade Organization concerning Trump’s new tariffs.
A spokesperson for the Chinese Ministry of Commerce condemned the actions as “bullying tactics” and “unilateral coercion” that threatened the stability of the global economic and trade system.
sa/mud
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