China slaps 34% tariff on US goods after Trump’s move

China has unveiled a series of countermeasures in response to the latest round of U.S. tariffs imposed by President Donald Trump, escalating the ongoing trade dispute between the world’s two largest economies.

Beijing announced on Friday that it would impose additional tariffs of up to 34% on U.S. goods, effective April 10, on top of previous duties.

The move comes after President Trump earlier this week declared a 34% tariff hike on Chinese imports, adding to the 20% already imposed this year — bringing the total to 54%.

In retaliation, China’s Ministry of Commerce also introduced stricter export controls on key rare earth minerals — including samarium, gadolinium, and terbium — which are crucial to the U.S. tech and defense industries.

Additionally, 16 U.S. entities were placed on China’s export control list, while 11 firms, including drone manufacturers Skydio Inc and BRINC Drones, were added to the “unreliable entities” list due to arms sales to Taiwan.

China also suspended imports of U.S. agricultural goods, including sorghum and poultry products from selected companies. Furthermore, it launched an anti-dumping probe into imports of CT tubes from the U.S. and India.

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In response to Washington’s trade actions, Beijing filed a formal complaint with the World Trade Organization (WTO), arguing that the new U.S. tariffs violate international trade rules.

The economic fallout was immediate. U.S. stock futures dropped sharply, erasing an estimated $2.4 trillion in market value.

Major tech stocks with ties to China — such as Apple and Nvidia — led the losses. Markets in Japan and Europe also faced sharp declines.

Despite concerns, U.S. Secretary of State Marco Rubio downplayed the economic impact, stating that global markets were merely adjusting to a shift in trade dynamics.