China announces counter-duties for US goods of 34 percent

China has announced against tariffs on US imports of 34 percent. The tariffs should come into force on April 10, as the customs commission of the Chinese State Council announced. In addition, export controls for seven rare earths would be introduced, the Chinese Ministry of Commerce said. Among them is the gadolinium used in magnetic resonance imaging and the yttrium used in electrical appliances.

As the Ministry continued, China submitted a complaint with the World Trade Organization (WTO) against the massive US import duties for Chinese goods. However, it is questionable whether this is successful: the dispute settlement mechanism of the international organization based in Geneva has been blocked for years.

Trump had imposed new tariffs against China in the amount of 34 percent on Wednesday evening, and they should come into force next Wednesday. Together with previous import fees, the customs surcharges imposed on China since Trump’s office in January add up to 54 percent. China is the country with which the United States have the greatest trade deficit.

The financial markets reacted to this escalation in the trade war with loss of price: The German stock index DAX expanded its losses and was recently in the loss with around five percent.

As an export world champion, the People’s Republic provides as many goods around the world as no other country. No other country comes close to China’s annual sales of over $ 400 billion with the United States.

Beijing had previously reacted to US imports and imposed new tariffs from ten and 15 percent to a number of agricultural products such as soybeans and millet as well as energy products from the USA.

Trump had recently promised China if the government in Beijing gives the green light for the sale of the short video service Tiktok. He would consider such a business, said the President on Thursday (local time) in front of journalists on board the Air Force One. According to his words, a sale of Tikkok has reached within reach, several investors are involved.