China declared on Friday that it will be introducing a new set of tariffs and restrictions targeting American products, in direct retaliation to the broad tariffs recently levied by U.S. President Donald Trump.
According to the Chinese Finance Ministry, starting April 10, all imports from the United States will be subject to an additional 34% tariff.
In another move escalating trade tensions, China revealed it will restrict the export of several medium and heavy rare-earth elements to the U.S., with the new regulations going into effect on April 4. These include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
“The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation,” the Commerce Ministry stated.
China also expanded its so-called “unreliable entity” list by naming 11 more organizations, a move that empowers authorities to impose penalties on foreign firms that are deemed to harm Chinese interests.
{Matzav.com}