Desitdown News (China hits back at Trump tariffs with 34% tax on US goods, export) #desitdown #news

**China Announces Retaliatory Tariffs and Export Controls Amid Escalating Trade War with the US**

China has unveiled a series of countermeasures in response to the latest tariffs imposed by US President Donald Trump, escalating the ongoing trade war between the two nations. The new measures include an additional 34 percent tariff on all US goods, effective from April 10, as well as export restrictions on critical rare earth minerals.

Earlier this week, Trump announced that China would face a 34 percent tariff, in addition to the 20 percent levy imposed earlier this year, totaling a new tariff burden of 54 percent on Chinese goods.

**China's Retaliation**

On Friday, China's Ministry of Finance confirmed that the new tariffs would take effect on April 10. This follows earlier retaliatory moves, including a 15 percent tariff on coal and liquefied natural gas (LNG) imports from the US in response to Washington's 10 percent tariff on Chinese products.

In addition to tariff hikes, China imposed export controls on key minerals and products, limiting trade with the US. The Ministry of Commerce explained that these export controls were necessary to safeguard national security and fulfill international non-proliferation obligations.

**Trump Responds on Social Media**

In a defiant response, President Trump took to social media, accusing China of overreacting to the US measures. "CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!" he posted on Truth Social.

**China Files WTO Complaint**

In an effort to counter the US tariffs, China also filed a formal complaint with the World Trade Organization (WTO) on Friday, arguing that the US tariffs violate international trade rules. The Chinese Permanent Mission to the WTO requested consultations with the US over the matter.

**Export Controls and Business Sanctions**

Among the new measures, China targeted US businesses by adding 16 US entities to its export control list. These sanctions prohibit the export of dual-use items to the affected companies. Additionally, 11 US firms were placed on China's "unreliable entities" list, which allows Beijing to take further punitive actions, including bans on new investments and trade activities in China.

Companies such as Skydio Inc. and BRINC Drones were specifically targeted for their arms sales to Taiwan, which China claims as part of its territory. The Chinese government stated that these firms had "undermined" China's national sovereignty, security, and development interests.

**Agriculture and Medical Sectors Hit**

The trade war also impacted agricultural exports, with China immediately suspending imports of sorghum from C&D (USA) Inc. and poultry and bonemeal from three US companies. Additionally, China launched an anti-dumping investigation into US and Indian imports of medical CT tubes, citing concerns over their effect on the medical industry’s competitiveness.

**Economic Impact**

The ongoing trade war has had a significant impact on the global markets. On Friday, US stock futures plummeted, reflecting growing concerns over the trade tensions. The value of US equities dropped by $2.4 trillion, with companies heavily exposed to China and Taiwan, such as Apple and Nvidia, seeing significant losses.

Meanwhile, in Japan, Prime Minister Shigeru Ishiba described the tariffs as a "national crisis," as Tokyo's stock market headed for its worst week in years. European stocks also experienced sharp declines, marking their largest weekly loss in three years.

Despite the market turmoil, US Secretary of State Marco Rubio downplayed fears of an economic crash. Speaking in Brussels, he asserted that the market's reactions were a result of the significant changes in the global trade order, and that economies would ultimately adjust.

**Conclusion**

As the trade conflict intensifies, the long-term consequences remain uncertain. With both countries implementing retaliatory measures and escalating tensions, global markets are bracing for more volatility.

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