China has retaliated against America, will levy 34 percent tariff…
Now china has also retaliated against the reciprocal tariff of American President Donald Trump. Now china has also announced to impose 34 percent tariff on goods imported from America from april 10. Along with this, the Ministry of Commerce of china has included 11 American companies in its list of 'unreliable entities'. That is, it has been termed as unreliable. These companies will no longer be able to do business in china or with Chinese companies.
china has banned the export of these things
Not only this, the ministry has also implemented a licensing system to stop the export of seven such rare and heavy metallic elements to America. These elements are mined in china and processed in china itself. They are used in everything from electric cars to smart bombs.
The Commerce Ministry also announced that china has started investigating US exports of medical imaging equipment, one of the few manufacturing categories in which the US remains competitive internationally. Apart from this, china will also ban the import of chicken and millet from the US.
Who will be harmed the most?
However, the impact of this new tariff of china will be less than Trump's reciprocal tariff because china sells more things to the US than it buys. Last year, china bought US semiconductors, fossil fuels, agricultural products and other products worth $147.8 billion. It sold many other products like smartphones, furniture, toys worth $426.9 billion to the US. After Mexico, china imports the most things from the US. After canada and Mexico, China's largest export market is the US. However, while trump has kept the semiconductor and pharmaceuticals industry out of the tariff, china has not given any exemption in the tariff.
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