China hits back at Trump with 34% tariffs

China will impose a 34% tariff on U.S. imports in response to Trump’s tariffs of the same rate, Beijing’s finance ministry announced on Friday.

The tariffs, set to go into effect next Thursday, will affect all U.S. products imported to China, according to the statement. Calling the U.S.’s reciprocal tariffs one-sided “bullying,” it added that they violate international trade rules and harm China’s rights and interests.

The Chinese Commerce Ministry also imposed export controls on seven rare earth elements, including gadolinium—commonly used in magnetic resonance imaging—and yttrium, which is used in consumer electronics.

Filing with the World Trade Organization

China will also file a complaint with the World Trade Organization (WTO) over the tariffs, the Ministry of Finance announced.

U.S. President Donald Trump this week sparked fears of a damaging global trade war by imposing a 10% levy on imports from around the world, along with steep additional duties targeting key trading partners.

Among the most severe measures was a 34% tariff on Chinese goods, one of the United States’ largest trading partners, on top of existing tariffs. In response, Beijing swiftly vowed to take “countermeasures” to defend its rights and interests.