China has announced new tariffs on all goods coming from the United States, following a recent decision by US President Donald Trump to raise tariffs on Chinese imports.
The Chinese government made the decision public on Friday, stating that the 34% tariff would take effect on April 10.
This is in addition to the current duties already placed on US goods.
Any cargo that leaves the US before April 10 and arrives in China by May 13 will not be affected by the new tariffs.
The move mirrors the United States’ latest trade action, which raised total duties on Chinese goods to 54%.
China’s response aims to match the pressure applied by Washington earlier this week.
ALSO READ
Alongside the tariffs, China added 11 American companies to a list of unreliable entities.
These include firms involved in drone manufacturing and other sensitive industries.
Furthermore, export restrictions have been placed on 16 more US firms, limiting their access to Chinese dual-use items—goods that can be used for both civilian and military purposes.
This fresh trade conflict is expected to affect various industries, especially agriculture.
US farm products made up 23% of exports to China, valued at $18.2 billion, and the new tariffs could reduce demand from Chinese buyers.
As a result, Chinese importers may begin buying from other countries like Brazil, Ukraine, and Australia to avoid the higher costs of US products.
Bulk shipping sectors, especially panamax and supramax vessels that carry grains, coal, and petcoke, are likely to feel the impact.
Meanwhile, oil and gas shipments might not be hit as hard.
China is expected to turn to other suppliers such as OPEC members and Brazil for its energy needs.
The US, on the other hand, could find alternative markets for its oil exports.
