Summary
- China announced that it will impose a 34% retaliatory tariff on U.S. imports starting April 10.
- Additionally, China announced export bans on dual-use items to 16 U.S. defense companies and export control measures on rare earth elements.
- Chinese authorities reported that they filed a complaint with the World Trade Organization (WTO) citing trade rule violations by U.S. trade measures.
After U.S. President Donald Trump announced an additional 34% reciprocal tariff on China, Chinese authorities also announced a 34% 'retaliatory tariff' on all U.S. imports.
According to China Central Television (CCTV) on the 4th, the State Council of China announced that "starting at 12:01 PM on April 10, an additional 34% tariff will be imposed on U.S. imports."
The State Council added, "For goods shipped before this reference time, if imported before May 13, no additional tariff will be imposed."
Additionally, Chinese authorities announced various sanctions against U.S. companies and mineral resources.
The Ministry of Commerce of China imposed sanctions prohibiting the export of dual-use items (items that can be used for both military and civilian purposes) to 16 U.S. defense companies, and also announced export control measures on rare earth elements such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
Furthermore, the General Administration of Customs of China suspended export qualifications for six U.S. companies related to sorghum and poultry due to quarantine issues.
Moreover, Chinese authorities stated that they filed a complaint with the World Trade Organization (WTO) citing 'trade rule violations' regarding U.S. reciprocal tariffs and other trade measures.
Reporter Lee Bo-bae, Hankyung.com newsinfo@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
