China Hits Back: Trade War Intensifies with New Tariffs and Export Controls

China announced countermeasures against U.S. tariffs by imposing 34% tariffs on all U.S. goods and curbing rare earth exports. Additional U.S. firms were added to China's export control and 'unreliable entities' list, escalating trade tensions. An anti-dumping probe into U.S. medical CT tubes was also initiated.

In a significant escalation of the trade war, China announced on Friday that it would impose a 34% tariff on all U.S. goods and limit the export of certain rare earth materials. This move comes in response to similar tariffs announced by President Donald Trump.

The Chinese finance ministry stated that the new tariffs would take effect from April 10. The fresh levies bring the total tariffs on U.S. goods to 54% after an earlier 20% increment. The agricultural trade sector has been particularly affected, with imports of sorghums and poultry from the U.S. suspended.

Additionally, China placed 16 U.S. companies on its export control list and labeled 11 firms as 'unreliable entities.' This development allows Beijing to enforce punitive actions against these entities, citing undermined national sovereignty and security as reasons. In a further move, an anti-dumping probe on U.S. medical CT tube imports was launched.

(With inputs from agencies.)