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China Imposes Retaliatory Tariffs on US Goods Amid Trade Tensions
Beijing has announced new retaliatory tariffs on goods from the United States, escalating the ongoing trade dispute between the world’s two largest economies. The move comes hours after Washington’s latest levies on Chinese imports took effect. China will impose an additional 50% tariff on select American products, supplementing a previously planned 34% charge, and has also added 12 US firms to its export control blacklist.
China Accuses US of Escalating Trade Dispute
According to a statement released by China’s Tariff Commission, the imposition of escalating tariffs by the United States is considered “a mistake on top of a mistake.” The commission asserted that these actions “seriously infringe” upon China’s “legitimate rights and interests” and significantly undermine the “rules-based multilateral trading system.”
Tariff Hikes in Tit-for-Tat Trade Row
Last week, Beijing initially declared a 34% tariff on US imports, mirroring the rate imposed by the US on Chinese products. This initial measure was followed by an additional 50% levy by the Trump administration, prompting China’s latest reciprocal action. The new US tariffs targeting goods from China and other nations globally became effective today, resulting in a cumulative 104% rate on certain goods, incorporating the new 84% charge on top of existing 20% tariffs. China’s 84% tariff on US goods is scheduled to be implemented tomorrow, April 10th.
Export Controls Expanded to Include More US Companies
In addition to the increased tariffs, China has broadened its export control list, incorporating 12 US companies. This follows the inclusion of 16 firms the previous week. This measure effectively prohibits the export of dual-use items – commodities with both civilian and military applications – to the designated entities.