China’s Ministry of Finance on Friday announced plans to levy sweeping new tariffs on all U.S. imports.
The ministry said it will enact a 34% tariff on all goods imported from the U.S. beginning April 10, according to a statement written in Chinese. The announcement comes after President Donald Trump on Wednesday announced massive tariffs on imports from foreign countries, including a 34% tariff on China, as part of what he deemed “Liberation Day.”
“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,” the ministry said in a Thursday statement, according to a Google translation, CNBC reported.
The U.S. and China were notably engaged in a massive trade war during Trump’s first presidency.
Trump has been moving to overturn the U.S.’ approach to trade with foreign countries as part of his “America First” agenda. Despite pushback from Democrats, some Americans have praised the president’s tariffs, including some of U.S.-based auto worker unions.
Still, many voters disapprove of Trump’s approach to trade negotiations. Roughly four in ten voters hold a positive view of the way he is handling the economy and trade negotiations, according to a poll released Monday from The Associated Press-NORC Center for Public Affairs Research.
U.S. stocks notably plummeted Thursday. The Dow Jones Industrial Average tumbled 1,679.39 points as the Trump administration’s Wednesday tariff announcement sent shockwaves through markets across the world.
“I understand why these countries don’t like it — because the status quo of trade is good for them,” Secretary of State Marco Rubio said while discussing tariffs during a March 16 interview on CBS News’ “Face the Nation.” “It benefits them … We are going to set a new status quo … We have de-industrialized the United States of America. There are things we can no longer make.”
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