China returned with its own tariff in Trump

China has returned to President Trump on Friday. In a rapid fire chain of policy announcements from Beijing, including 34% cross-board tariffs, three Chinese government agencies showed that China has no intention of returning to the trade war that Trump started with his own steep tariffs on imports from the world this week.
China’s Finance Ministry said 34% tariff On imports from America. Separately, the Chinese Ministry of Commerce said that it was adding 11 American companies to the list of “incredible institutions”, essentially preventing them from trading them in China or with Chinese companies. It also imposed a licensing system to restrict the export of seven rare earth elements, which are mined almost especially in China and used in everything from electric cars to smart bombs.
The Ministry will begin two investigations in American exports of medical imaging equipment – one of the some manufacturing categories in which the US remains globally competitive.
The general administration of China’s customs said that it would prevent chicken imports from five major American exporters of agricultural commodities and import Soragham from a sixth company. China’s new tariff will hit the lower goods than Trump’s tariffs as China sells more to the US than buying. China last year bought a $ 147.8 billion US semiconductor, agricultural commodities and other products. This sold smartphones, toys and other items worth $ 426.9 billion.
But when Trump’s tariff gave exemption to some large categories of imports, there is no discount in Chinese tariffs. Its Finance Ministry said: “This exercise of America is not in line with international trade rules, seriously reduces China’s legitimate rights and interests.” The tariffs were to be effective next Thursday.