In a dramatic escalation of trade tensions, China has announced sweeping countermeasures against the United States, including a 34% tariff hike on all U.S. imports and export restrictions on critical rare earth minerals. The move, declared Friday, comes days after U.S. President Donald Trump imposed new tariffs on trading partners—and the global markets are already feeling the heat. 📉
⚖️ What’s Happening?
The Customs Tariff Commission of the State Council confirmed that 34% additional tariffs on U.S. goods will take effect April 10. Meanwhile, China’s Commerce Ministry filed a WTO lawsuit over U.S. tariffs and:
Blacklisted 11 U.S. firms (including drone maker Skydio)
Banned dual-use tech exports to 16 U.S. entities
Launched probes into U.S.-India medical CT tube imports
China also imposed export controls on seven medium-to-heavy rare earths—key materials for tech like EVs and renewables. 🌱🔋
💼 Market Meltdown?
The Dow Jones plummeted over 1,000 points Friday, while the S&P 500 fell 2.8% in its worst drop since 2020. Analysts warn prolonged tensions could disrupt supply chains, raise consumer costs, and slow global growth. 💸🌐
🔍 What’s Next?
China’s General Administration of Customs also suspended imports from six U.S. firms over quality concerns. With new tariffs, export curbs, and trade probes, the tit-for-tat moves signal a rocky path ahead for U.S.-China relations. Stay tuned—we’ll keep you updated. 👀✨
