China Announces Retaliatory Tariffs on U.S. Goods

China’s Finance Ministry will impose a 34 percent tariff on all U.S. imports starting on Thursday April 10th.   CNBC said it’s a response to duties imposed by President Trump.

China’s state news agency said the Chinese government is calling on the U.S. to immediately cancel its unilateral tariff measures and resolve trade differences between the two countries in a manner beneficial to both sides.  The ministry also said the now-54% tariffs on Chinese imports into the U.S. are “inconsistent with international trade rules and seriously undermines Chinese interests.”

It also endangers global economic development and the stability of supply chains around the world.

Bloomberg said the two countries are locked in a stalemate over China’s alleged role in the flow of fentanyl into America, which Trump cited as a reason behind the previous two rounds of tariffs.

The commodity likely hit hardest by Chinese tariffs is U.S. soybeans.

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