China, the second largest economy in the world, announced today that it will impose tariffs of 34% on all imports of goods from the United States.
The Ministry of Commerce of the Asian giant also announced that it will impose export controls on seven rare earth elements, including gadolinium, which is used for magnetic resonance imaging, and yttrium, used in consumer electronics products, reported AFP.
The Chinese government said that the tariffs announced by Trump on 'Liberation Day' represent a practice 'incompatible with the norms of international trade' and severely affects the rights and interests of that country.
China responds to Trump and U.S. tariffs
Moreover, Beijing stated that the measures announced by the Republican not only harm the interests of the United States but also endanger global economic development and the stability of the production and supply chain.
Beijing's retaliation had already affected the markets, exacerbating losses from the previous day. S&P 500 futures fell almost 3%, and international markets suffered new declines, with European stocks plummeting more than 4%.
International oil prices collapsed another 5% and in the United States are at their lowest since 2021.
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