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Escalating the trade war, China has announced to impose an additional 34 percent tariff on all products imported from the United States from April 10. The Customs Tariff Commission of the State Council made the announcement 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.
Strict restrictions on rare earth too
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 earlier. According to analysts, the reciprocal tariffs imposed by the US will undoubtedly affect all countries, but Indian exporters could emerge stronger as a rival.
Complaint also in World Trade Organization
- The United States imports most of its rare earths and most come from China. Seven categories of medium and heavy rare earths, including items related to samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, will be placed on the export control list from April 4, according to a release from the Commerce Department.
- On the other hand, China has requested consultations with the World Trade Organization on the introduction of a new round of tariffs by the United States. China's Permanent Mission to the World Trade Organization said in a statement on Friday that China has filed a complaint with the WTO regarding the measures taken by the United States. It said that the new tariffs are a clear violation of WTO rules.
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