China announced a 34% retaliatory tariff in response to President Donald Trump’s sweeping tariff plan.
“The U.S. government announced that it would impose ‘reciprocal tariffs’ on Chinese goods exported to the U.S.,” China’s Ministry of Finance said in a statement, according to a translation. “The U.S. practice is inconsistent with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice.”
“A 34% tariff will be imposed on all imported goods originating from the United States on top of the current applicable tariff rate,” the ministry said.
“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” China’s State Council Tariff Commission said.
The tariffs are to go into effect on April 10.
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote on Truth Social Friday morning.
Earlier this week, Trump announced a comprehensive tariff plan and declared a “Liberation Day” for the American economy. The plan introduces a baseline 10% tariff on nearly all imported goods. Specific tariffs target certain regions: 20% on European Union imports, 54% on Chinese goods, and 25% on foreign-made automobiles.
“This is one of the most important days, in my opinion, in American history. It’s our Declaration of Economic Independence,” Trump said. “For years, hard working American citizens who were forced to sit on the sidelines as other nations got rich and powerful. Much of it at our expense. But now it’s our turn to prosper and in so doing, use trillions and trillions of dollars to reduce our taxes and pay down our national debt.”
“With today’s action, we are finally going to be able to make America great again, greater than ever before.”
