China’s Finance Ministry has announced a new 34% tariff on all U.S. imports, effective April 10. The move is a direct response to tariffs imposed by U.S. President Donald Trump, according to CNBC.
China’s state-run news agency said the government is urging the U.S. to cancel its unilateral tariff actions and work toward a resolution that benefits both countries. The Finance Ministry criticized the now 54% average tariff rate on Chinese goods entering the U.S., calling it a violation of international trade rules that harms Chinese interests and threatens global economic stability and supply chains.
Bloomberg reports that the tariff escalation comes amid an ongoing standoff between the two countries, partly driven by U.S. accusations that China is contributing to the flow of fentanyl into the U.S.—a point Trump cited when imposing earlier rounds of tariffs.
Among U.S. exports, soybeans are expected to take the hardest hit under China’s new trade measures.