China’s cranking up the heat in the trade standoff with the US — and it’s getting serious.
Starting April 10, all US-made goods heading into China will get slapped with a heavy 34% tariff.
Beijing’s finance ministry made it official on Friday, saying the new rate stacks on top of existing tariffs.
But that’s not all. China’s Commerce Ministry is also tightening control over exports of seven rare earth elements.
That includes gadolinium, key in MRI machines, and yttrium, used in everyday electronics like TVs and phones.
They’re also planning to take the fight global — with a lawsuit filed at the World Trade Organization (WTO).
This all comes after US President Donald Trump announced 10% tariffs on imports worldwide earlier this week.
China got hit the hardest, with a separate, sharp 34% tariff — prompting swift retaliation from Beijing.
Chinese officials said they’ll take “countermeasures” to defend their economic interests and won’t back down easily.
With both sides digging in, the global economy could feel the ripple effects of this growing trade war.
