China announced on Friday that he would impose a 34 % tariff on the import of all American products from April 10, part of a lot of retaliation after the “day of liberation” of Donald Trump's “Liberation Day” of double-digit tariffs.
The new tariff corresponds to the “mutual” US tariff in the amount of 34 percent for Chinese export, which Trump ordered this week. The Ministry of Trade in Beijing also said in the notification that he would impose more export control in rare landswhich are materials used in advanced products, such as computer chips and electric vehicle batteries.
Samarium and its compounds were on the list of minerals and its compounds, which are used in the air production and the defense sector. Another element called gadolinium is used in MRI scans.
In addition, the Chinese government said that it added 27 companies to lists of companies subject to trade sanctions or export control. Among them, 16 are banned from exporting goods of “double application”. Among the list on the list included High Point Aerotechnologies, Technology Company of the Defense and Universal Logistics Holding, a publicly traded transport and logistics company.
Beijing also announced that he had filed a lawsuit to the World Trade Organization on the issue of tariffs.
“The imposition of the United States of the so-called” mutual tariffs “seriously violates the WTO principles, seriously harms the legitimate laws and interests of WTO members, and seriously undermines the multilateral trade system based on the principles and the international economic and commercial order,” said the Ministry of Trade.
“This is a typical unilateral intimidation practice that threatens the stability of the global economic and commercial order. China definitely opposes this,” he said.
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Chinese American coal tariffs, natural gas
In February, China announced a 15 % tariff for the import of coal and the liquefaction of natural gas products from the USA, separately added a 10 % oil tariff, agricultural machinery and cars with a large engine. The latest tariffs apply to all products made in the USA, in accordance with the statement of the Ministry of Finance, Tariff Commission of the State Council.
The latest Trump tariff increases regarding US import are convincing countries and industries to apply for a position and arouse concerns about the global recession.
“Recent ads will have significant implications for global trade and economic growth prospects,” said the World Trade Organization on Thursday. “While the situation is developing rapidly, our initial estimates suggest that these funds, in conjunction with those introduced since the beginning of the year, can lead to a general contraction of about one percent in the global volume of trade in goods this year, which is a decrease in the revision of almost four percentage points from previous forecasts.”
While China was affected by significant tariffs, this is an open question whether other Asian countries could take advantage of the situation in trade with American Washington, hitting India, Bangladesh, Cambodia, Malaysia and Vietnam with tariffs from 27 to 49 percent.
A few days before the announcement of Trump China, Japan and South Korea conducted their first dialogue in five years.
At the meeting, the ministers of the countries agreed to accelerate talks about the Korea-Japanin-Chin free trade agreement in order to promote “regional and global trade”, in accordance with the statement published after the meeting.
Watch A deeper look at the last Trump tariffs: