China has struck back at US tariffs showing that it has no intention of backing down in the trade war that Donald Trump began this week with his own tariffs on global imports.
It'll match Trump’s plan for 34% tariffs on goods from China with its own 34% tariff on imports from the United States.
China’s new 34 percent tariffs, which are in addition to previously imposed tariffs, will hit fewer goods than President Trump’s tariffs only because China sells far more to the United States than it buys.
It bought $147.8 billion worth of American semiconductors, fossil fuels, agricultural goods and other products last year. It sold $426.9 billion worth of smartphones, furniture, toys and many other products to the United States.
China is America’s second-largest source of imports, after Mexico, and third-largest export market, after Canada and Mexico.
Beijing’s actions triggered a sharp decline in futures markets for American shares, in an indication that Wall Street may open sharply lower after posting on Thursday its worst single-day result since 2020.
China’s Finance Ministry issued a statement strongly criticizing Mr. Trump’s tariffs, which will begin to take effect on Saturday and fully kick in next Wednesday.
“This practice of the U.S. is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” the ministry said.
The Chinese tariffs are scheduled to take effect next Thursday — 12 hours after the American tariffs take effect.
Chinese officials said this week that if tariffs restrict their access to the American market, they will shift exports to other markets.
