A spokesman for the Chinese Ministry of Commerce reported that the Asian giant also filed a lawsuit against the World Trade Organization (WTO).
Tariffs imposed by the United States “seriously violate the WTO rules, harm the legitimate rights and interests of WTO members, and undermine the multilateral trade system based on those rules as well as the international economic and commercial order,” said the spokesman.
As if that were not enough, the Chinese government will also restrict its exports of rare earths, further deepening the commercial war.
The Ministry of Finance reported that the new tariffs will take effect as of April 10.
On Wednesday, President Trump announced the imposition of 34 % tariffs on Chinese products, added to those of 20 % that already existed since the beginning of the year, carrying the total taxes to 54 %. That makes China one of the most punished countries in the list of generalized tariffs in the United States.
“It is a typical unilateral intimidation practice that endangers the stability of the global economic and commercial order. China firmly opposes,” added the spokesman for the Ministry of Commerce.
Punitive measures and other controls
To a measure that will hit the United States agriculture, China immediately suspended the importation of sorghum of its subsidiary export of C&D grains (USA) Inc., as well as poultry products and bones flour from three US companies.
Additionally, Beijing will be controlling the export to the United States of medium and heavy rare earths, including samarium, gadolinio, terbio, disposio, luthecio, scandio and ititrio, which are products that have applications in new technologies.
He also added 16 American entities to his export control list, which prohibits the sending of double -use products -white, software and technology that may have civil uses as military- to affected firms.
Another 11 companies were included in the “unreliable entities” list, allowing Beijing to take punitive measures against foreign entities.
The Ministry of Commerce states that these companies are involved in “Military and Technical Cooperation with Taiwan”, which threatens national security and sovereignty. The measure enters into the context of China’s claim over the territory of Taiwan.
Finally, he launched an investigation Antidumping (of unfair competition) around imports of certain medical products used in computerized tomography (CT) that come from the United States.
Fall in stock markets
The ads of Chinese reprisals caused a greater fall in European markets on Friday that had already been staggered by Trump’s tariffs.
The indices in the United Kingdom, Germany and France have dropped all more than 3.0 %. The markets in Asia also went down before.
The new generalized tariffs announced by Donald Trump on Wednesday, generated a massive sale of global shares, with the markets in the United States suffering the worst day of activity from the Covid-19 pandemic in 2020.
Stock investors are concerned that tariffs inflate prices and stop growth in the United States and around the world.