Escalating the trade war, China has announced that it will impose an additional 34 percent tariff on all products imported from the United States from April 10, the State Council’s Customs Tariff Commission announced on Friday.
The announcement follows the US decision to impose reciprocal tariffs on Chinese exports to the United States. The Chinese commission said this is inconsistent with international trade rules. It seriously undermines China’s legitimate rights and interests and represents a typical act of unilateral bullying.
China’s commerce ministry said it was adding 11 US companies to its list of unreliable entities, which bars them from doing business in China or with Chinese companies. The ministry also imposed tighter restrictions on exports of some rare earth elements, including gadolinium and yttrium.
Global investment bank JP Morgan has said that there is now a 60 percent chance of the global economy entering recession by the end of 2025, up from 40 percent previously. According to analysts, the reciprocal tariffs imposed by the US will undoubtedly affect all countries