The China Ministry of Finance has announced that it will impose an additional 34% rate on all North -Americans, from April 10. This action is a direct response to the wide rates recently announced by the United States President Donald Trump against Chinese products, reported Reuters on Friday. ​

The decision was made after a Beijing request for Washington to revoke its most recent rates, with a warning of possible retaliation actions to protect China’s interests. The Ministry of Commerce stated: “China is strongly opposed to this action and will implement countermen to defend its rights and interests,” as tensions between the first two economies in the world continue to increase, which can lead to more commercial disputes.

According to State TV of China CCTV, 11 North -American companies have been added to the list of “unreliable entities” in China. China is implementing export controls in rare earth elements, such as Samari, Gadolinium, Terbium, Dysprosis, Lutetium, Scandium and Ytrium, which are vital for high -tech industries, such as semiconductor production, electric vehicle manufacturing and military development.

“The aim of the Chinese government implementation of export controls on relevant articles in accordance with the law is to better safeguard national security and interests and fulfill international obligations such as non -proliferation,” the Ministry of Commerce said in a statement.

On Thursday, President Trump announced a reciprocal plan to impose a 10% rate on imports from all countries that enter the United States. U.S. rates include a 10% universal rate to all imports from April 5, with additional “reciprocal rates” against certain nations, including an increase of 34% of Chinese goods, increasing the total Chinese import rate to 54%. These measures have caused significant volatility in global markets, and the main indices that experience strong decreases and fears of a global recession that are intensified. ​

Trump took measures recently by signing an executive order to close a commercial lagoon called “Minimis”, which previously allowed small packages from China and Hong Kong to enter the United States without paying the duties.

This movement coincides with U.S. commercial representative evaluation of China’s fulfillment with the terms of the “Phase 1” trade agreement. The agreement ordered China to increase its US export purchases for $ 200 million within two years. Despite quoting the effects of Covid-19 Pandemic, Beijing did not meet its specified goals.

China’s retaliation rates are expected to affect a wide range of North -American industries, especially those involved in agriculture and manufacture. This climb in commercial tensions has provoked concerns about the prolonged economic conflict between the two largest economies, with possible repercussions for global trade and economic stability.

In addition, the European Union faces a rate of 20%, while Vietnam leads with a rate of 46%. Taiwan follows 32%, Japan at 24%, India at 26%and South Korea at 25%. Thailand is subject to a rate of 36%, Switzerland at 31%, Indonesia and Malaysia 32%and 24%, respectively. Cambodia faces one of the highest rates at 49%. The United Kingdom has a rate of less than 10%, while South -Africa is 30%and Brazil is 10%. Bangladesh has a large rate of 37%, Singapore, only 10%, and Israel and the Philippines each at 17%. Chile and Australia have a rate of 10%, while Pakistan is 29%, Turkey at 10%, and Sri Lanka at 44%.