US-China Trade Tensions Escalate with New Round of Tariffs

China reacts to recent US tariffs by imposing a 34% tax on US imports, applying further export controls on rare earth minerals, and initiating a WTO lawsuit. The trade tensions mirror past disputes during Trump's administration, with new tariff measures under Biden and ongoing trade conflicts likely to persist.

China is striking back with a determined response to the recent US tariffs under President Donald Trump's administration, initiating a 34% tax on all US imports taking effect next week. The retaliation reveals comprehensive preparations from Beijing that aim to impact both US exporters and Chinese trade policy.

The Chinese counteractions, announced last Friday, match the rate of US tariffs imposed on Chinese products entering the United States. This development follows two rounds of 10% tariffs that were announced earlier in the year, particularly in relation to Beijing's perceived role in the fentanyl crisis.

Alongside these financial measures, China has intensified export controls on rare earth minerals, vital to various technologies, and suspended imports of sorghum, poultry, and bonemeal from numerous US companies. Additionally, Beijing has initiated an anti-monopoly investigation into DuPont China Group Co., further complicating the trade landscape between the two nations.

(With inputs from agencies.)