China levies reciprocal tariff on all U.S. imports

The Chinese Ministry of Commerce planned to enact a 34% tariff effective April 10 on all goods imported from the United States. China’s announcement comes days after President Donald Trump announced a 34% tariff on all Chinese goods and an array of tariffs on other countries.

President Trump imposed reciprocal tariffs on Wednesday, matching tariff rates that dozens of countries charged the United States. With adjustments for currency manipulation and trade barriers, the White House said that China charged a 67% tariff on the United States. China’s commerce ministry described the new tariffs as a bullying tactic that threatened the global economy and seriously violated World Trade Organization policy.

Has Trump responded to China’s tariffs? Trump on Friday morning described China’s retaliatory tariffs as a panicked response. China made the wrong move— a decision it can’t afford, he wrote on social media. The president’s tariffs became the subject of controversy, causing the Dow Jones Industrial Average to drop sharply on Thursday and again on Friday morning. Trump insisted that the stock market would soon be back to booming, likening the economic drop to a medical patient recovering from surgery.

Dig deeper: Read my report on Trump’s “Liberation Day” tariffs for more background.