(BEIJING) — China is hitting back at the United States with 34 percent tariffs on all goods imported from America, starting April 10th.
The country’s finance ministry announced the move today after President Trump raised the tariffs on China Wednesday to a total of 54 percent. That total came from an additional 34% being added this week to a 20% tariff that was already in place. Beijing called for Washington to cancel the tariffs and resolve differences through consultation in a respectful manner. China warned that the tariffs imposed by the U.S. will endanger global economic development.
According to CNN, China’s retaliation against the latest round of U.S. tariffs is more sweeping than its earlier reciprocal actions. China also announced that it has added 11 American companies to its “unreliable entity list” and put export controls on 16 American companies to prohibit the export of Chinese dual-use items.
Back in March, China retaliated directly on U.S. food and ag products after President Trump issued levies on the country. One month ago, China announced a 15% tariff on corn, wheat, cotton and chicken imports. Bejing also enacted a 10% tariff on soybeans, sorghum, pork, beef, dairy, fruits, vegetables and aquatic products from the U.S. in a retaliatory measure. Now, the latest 34% is expected to be added on top of existing duties.
Many economists predict American importers will pass along the cost of tariffs to consumers, sending prices higher at the grocery store and more.
