The move mirrors the 34% tariffs the U.S. placed on China earlier this week.
Transcript:
Just days after President Donald Trump implemented an additional 34% tariff on all Chinese goods imported into the United States, China has retaliated. The Chinese government has now imposed a reciprocal 34% tax on all imports from the U.S.
As it announced the retaliatory tariffs, China made it clear what it thought of Trump’s decision. “This practice of the U.S. is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice.”
The U.S. had previously imposed two sets of 10% tariffs on China, meaning all Chinese goods arriving in the U.S. are now subject to tariffs of more than 54%.
The announcement immediately sent U.S. stocks tumbling, with the Dow dropping roughly 1,000 points before markets opened for trading on April 4th.
That’ll do it for your daily briefing. From New York City, I’m Kelsey Barberio with TheStreet.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#china #tariff #economy
source
