On Friday, China announced that from April 10 it will introduce a 34% tariff for US imported products.
This measure is a response to the American attachment of the same amount to Chinese products declared by US President Donald Trump in the beginning of this week under his package called “Liberation Day”.
34% of the US rate is contained along with previously declared rights, which means that the global tariff rate can increase to at least 54%.
The Ministry of Trade of Beijing also reported that he filed a lawsuit of the World Trade Organization (WTO) against Trump’s tariffs.
“This is a typical one -sided practice of intimidation, which jeopardizes the stability of the global economic and commercial order,” the representative said.
Washington’s approach “seriously violates the Rules of the WTO, worsens the legal rights and interests of the WTO and members of the mine of the multilateral commercial system based on the rules and the international economic and commercial order,” added Beijing.
On Friday, China also announced that it would impose more restrictions on the rare export of land used in products such as computer chips and batteries of electric vehicles.
The list of minerals subject to control includes Samaria and its compounds, which are used in aerospace production and defense sector. Another element, gadolinius, is used in magnetically resonance imaging.
Suspension of certain imports
The China Customs Administration announced the suspension of chicken imports from two American suppliers, Gorevsky farms of Delaware and coastal processing. The authorities said that Chinese customs have repeatedly discovered Furazolidone, a prohibited drug in China, translated by these companies.
In addition, the Beijing Government claimed that it added 27 companies to the lists of companies subject to commercial sanctions or export control.
Among them, 16 are subject to an export ban on double -use goods. High Point Aerotechnologies, Technology Protection and Universal Logistics Holding, a transport company and logistics in the stock market, were one of the list -included companies.
In February, China announced the introduction of customs rights in the amount of 15% of coal and liquefied natural gas from the United States, separately adding 10% of customs rights to gross oil, agricultural machine and large cars.
The latest customs rights apply to all products produced in the United States according to the statement of the Commission of the Ministry of Financial Council.
Products that should be strongly affected include pharmaceutical products, gross oil, oil gas and GNL. China also has a significant amount of US agricultural products.
Falling markets
Trump’s commercial advertising caused nervousness in world markets this week.
The USA S&P 500 index fell by 4.8%yesterday, which is the largest fall since June 2020, while the NASDAQ 100 index fell by 5.4%.
European markets fell in response to China’s retribution on Friday. CAC 40 fell by about 4%, DAX fell by almost 5%, and FTSE 100 fell by 4.3%.
Futures S&P 500 fell by more than 3%.