China Announces Additional Tariffs on US Imports

In a significant move, China's finance ministry has declared that all imported goods originating from the U.S. will be subject to an additional tariff of 34%, effective from April 10. This decision comes on top of the current applicable tariff rates, marking a sharp escalation in trade tensions between the two economic giants.

Export Controls on Rare Earth Elements
Beijing's Commerce Ministry has also imposed export controls on seven rare earth elements, including gadolinium and yttrium, which are crucial for various high-tech applications ranging from medical imaging to consumer electronics.

Legal Action Against US Tariffs

China plans to file a lawsuit with the World Trade Organization (WTO) in response to the U.S. tariffs, signaling a readiness to challenge what it views as unfair trade practices on the global stage.

US Tariff Measures
This development follows U.S. President Donald Trump's imposition of 10% levies on imports from around the world, with an additional 34% tariff on China, one of America's largest trading partners, exacerbating the ongoing trade dispute.

China has vowed to take "countermeasures" to safeguard its rights and interests, underscoring the potential for further escalation in the trade conflict.