China has responded forcefully to the latest round of U.S. tariffs imposed by former President Donald Trump, announcing a 34% additional tax on select American imports and unveiling a new wave of export restrictions targeting critical raw materials.
The move marks a significant escalation in the ongoing trade dispute between the world’s two largest economies, reigniting fears of a broader economic fallout and disruptions to global supply chains.
In a statement released early Friday, the Chinese Ministry of Commerce said the retaliatory measures are intended to “safeguard national interests and uphold multilateral trade principles,” following what it described as Washington’s “unilateral and provocative” tariff policy.
The 34% retaliatory tariffs will target a range of U.S. exports, including agricultural products, automotive components, and energy goods — sectors considered vital to both economies. Additionally, Beijing announced export curbs on rare earth metals and key semiconductor materials, crucial to the U.S. tech and defense industries.
“This is a measured yet firm response,” said Ministry spokesperson Gao Wenbin. “China does not seek confrontation, but we will not sit idly by while our economic sovereignty is threatened.”
Former President Donald Trump, who recently proposed a sweeping tariff regime as part of his 2024 campaign platform, dismissed China’s response as a sign of weakness.
“They’re panicking. China knows the U.S. is winning. These tariffs are proof we’ve hit a nerve,” Trump said in a statement posted on his social media platform, Truth Social.
Global markets reacted with unease, as the Dow Jones fell nearly 600 points, while Asian indexes dipped across the board. Economists warned that a prolonged tit-for-tat trade war could stifle economic growth, disrupt manufacturing, and raise prices for consumers on both sides.
This latest flashpoint comes amid growing concerns over decoupling between the U.S. and China, with trade analysts noting that both nations are now weaponizing not just tariffs but also strategic commodities and technology access.
While talks between Beijing and Washington remain stalled, international observers are urging restraint and renewed diplomacy to prevent further deterioration of global trade stability.
source: cgtn.com