The Chinese Ministry of Finance stated that thenew tariffs would take effect on April 10 after the United States introduced anew tariff policy under its “Liberation Day” framework, imposing a 10% baseduty on all foreign imports and cumulative tariffs of up to 54% on goods fromChina.
Financial markets reacted to the developments.The Dow Jones Industrial Average declined by more than 1,400 points, while theNasdaq Composite fell by 4.6%.
China also announced export controls on selectrare earth minerals and filed a complaint with the World Trade Organization,stating that the US measures "violate trade agreements."
Economists and international trade observershave expressed concern that the escalating dispute could "impact globalsupply chains and increase economic uncertainty."
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