In a dramatic twist in global trade, the Chinese mainland has launched a series of countermeasures aimed at what it calls "reciprocal tariffs" on U.S. products. Effective April 10, an extra 34% tariff will be levied on all products imported from the United States, marking a bold response and setting the stage for turbulent times ahead. 🚀
The Commerce Ministry has also filed a lawsuit with the World Trade Organization while adding 11 U.S. companies, including a notable drone manufacturer, to its unreliable entity list. In addition, export curbs on dual-use items and control measures on select rare earth materials have been announced.
Anti-dumping probes targeting imports of medical CT tubes from the U.S. and India, along with the suspension of import qualifications for products from six U.S. firms, have added further fuel to the fire. These moves sent shockwaves through the U.S. financial markets, with the Dow dropping over 1,000 points and the S&P 500 falling by 2.8%—one of its worst days since 2020. 📉
For young entrepreneurs, students, and culture enthusiasts tracking global trends, these developments are as unpredictable as your favorite blockbuster plot twist, reminding us all that international trade is always full of surprises!
Reference(s):
China hits back at U.S.'s new tariffs with 34% added tax, export curbs
cgtn.com
