China’s finance ministry has announced a 34% tariff on all goods imported from the U.S., effective from April 10. This decision comes as a response to the U.S. administration’s earlier imposed duties.
What Happened: China’s finance ministry has declared a 34% tariff on all U.S. imports, starting April 10. This action is a retaliation to the duties imposed by the U.S. administration earlier in the week.
“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” stated the Chinese finance ministry.
The ministry criticized the U.S. approach, stating that it violates international trade rules, harms China’s legitimate rights and interests, and represents unilateral bullying. Beijing called the 54% U.S. tariffs on China "inconsistent with international trade rules". This not only damages the U.S. economy but also threatens global economic growth and the stability of production and supply chains, the ministry further stated.
As reported by the South China Morning Post, as part of its retaliatory actions, Beijing has imposed restrictions on certain Chinese exports to 16 American companies and revoked the export eligibility of six U.S.-affiliated firms.
China added 11 more U.S. companies, including drone maker Skydio, to its unreliable entities list and announced further restrictions on rare earth mineral exports.
Why It Matters: This move by China comes in the wake of President Donald Trump‘s announcement that the U.S. was nearing a deal to spare TikTok from a potential ban, with ongoing discussions involving multiple investors and a possible tariff agreement with China.
During remarks aboard Air Force One, as reported by Associated Press, Trump said, “Tariffs give you great power to negotiate”. Trump stated that he expects China to call him and say, “Well we’re upset with the tariffs and maybe they want to get something a little bit in order to get TikTok approved.”
Sources told Senior Correspondent of Fox Business, Charles Gasparino, that trade negotiations with China will involve TikTok and BlackRock’s deal to acquire ports from CK Hutchison. Trump may adjust China tariffs to secure Chinese President Xi Jinping‘s cooperation on these issues.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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