China has fired back at President Trump's "reciprocal" tariffs with massive tariffs on imports from the US. The state-run Xinhua news agency said Friday that China will impose additional tariffs of 34% on all US imports—matching the new tariffs Trump announced Wednesday—starting Thursday. Stocks in Europe and Asia, which had already been falling on Friday, continued their slide after the announcement, the AP reports. Stock futures in the US dived sharply, with Dow Jones futures down more than 1,000 points.
China also announced new controls on exports of rare earth minerals to the US, effective immediately, reports Reuters. "The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation," China's Commerce Ministry said in a statement. China said it would also add 27 American companies to lists of companies subject to trade sanctions or export controls, the AP reports.
In a separate opinion piece before the announcement, Xinhua warned that "reciprocal" tariffs would only lead to reciprocal losses. "Washington's flagrant bullying practice indicates the US administration's growing jitters and anxiety concerning the retention of its position of superiority in an increasingly globalized world," it said. "However, it's ridiculous that the United States opts for protectionism instead of embracing the trend of the times. Playing the 'tariff card' is a lose-lose game that also hurts the United States itself." (More tariffs stories.)
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