Retaliatory Tariffs
China slaps 34% retaliatory tariff on US goods, Trump says China can't afford to panic
This story was originally published at 19:13 IST on 4 April 2025
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NEW DELHI – In retaliation to 34% tariffs by the US, the People's Republic of China on Friday announced imposing 34% tariffs on US goods from Apr. 10. In a press statement released on the Ministry of Finance's official website, China said that the US practice is inconsistent with international trade rules and seriously damages China's legitimate rights and interests. The ministry said that additional 34% tariffs will be imposed on the imported goods originating from the US from Apr. 10.
Responding to retaliatory tariffs announced by China, US President Donald Trump said in a post on his social media handle Truth, "China played it wrong, they panicked - the one thing they cannot afford to do."
Earlier on Wednesday, President Trump had announced a 34% reciprocal tariff on Chinese goods, in addition to 20% tariffs he imposed earlier, bringing the total tariffs to 54%.
On Thursday, the Foreign Ministry of China 'firmly rejected' the US tariff and asserted that the US decision 'gravely violates' the World Trade Organization rules. "The US announced tariff hikes on imports from many countries, including China, under the pretext of reciprocity. This gravely violates WTO rules, and undermines the rules-based multilateral trading system. China firmly rejects this and will do what is necessary to defend our legitimate rights and interests," Chinese Foreign Ministry Spokesperson Guo Jiakun said.
"Protectionism leads nowhere. We urge the US to stop doing the wrong thing, and resolve trade differences with China and other countries through consultation with equality, respect and mutual benefit," Jiakun said.
According to media reports, China is also imposing export controls on rare earth elements, a crucial component for high-tech industries. These include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
Meanwhile, Trump shared on his social media handle on Truth that his policies will never change. "To the many investors coming into the US and investing massive amounts of money, my policies will never change... It's already working. Hang tough, we can't lose," Trump said on Truth. End
Reported by Kuldeep Singh
Edited by Akul Nishant Akhoury
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