China announced it will impose a 34% tariff on all U.S. imports starting April 10, matching the recent U.S. tariff imposed by President Trump.
The Commerce Ministry also revealed plans for stricter export controls on rare earth materials crucial for high-tech products.
Following the announcement, Asian and European markets saw significant declines.
Germany’s DAX fell 2%, and other major indices in Europe and Asia, including Japan’s Nikkei 225 and Australia’s S&P/ASX 200, also experienced losses.
The U.S. dollar strengthened against the yen but weakened against the euro, as markets reacted to the tariff news.
The China Association of Automobile Manufacturers warned that these tariffs would increase car prices and burden consumers globally, while Chinese industry groups criticized the U.S. tariffs for disrupting normal trade relations.
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