China announces a series of countermeasures Tariff collection U.S. President Donald Trump has deepened the escalation of the trade war by including 34% additional tariffs in exporting all goods on some rare earths.

Trump announced on Wednesday that China would suffer a 34% tariff, 20% he imposed earlier this year, which would bring the new tax rate to 54%.

On Friday, China’s Ministry of Finance said it would pay additional tariffs starting from April 10. Before Beijing Imposed The U.S. retaliated against Washington on 10% of its Chinese goods for coal and liquefied natural gas (LNG) import tax rate is 15%.

It also announced rigid export controls on major minerals and businesses, limiting what to exchange with the United States.

“Under the law, the purpose of the Chinese government to implement export control over related projects is to better protect national security and interests and to fulfill international obligations, such as non-proliferation,” the Ministry of Commerce said in a statement.

On Friday morning, Trump responded to a series of retaliation measures through a fiery social media post written in all capital letters.

“China made a mistake, they panic – one thing they can’t afford!” Write About the Truth Society.

Complaints to the WTO

But China has pushed for an aggressive trade policy against Trump, saying it launched a formal complaint on Friday against new U.S. tariffs with the World Trade Organization (WTO).

As part of the complaint, Beijing believes the measures violate WTO rules and requires consultation.

“China has filed a WTO complaint about the U.S. measures,” China said in a statement.

Beijing has also imposed comprehensive export controls to limit exchanges of goods and services with the United States. Some are related to the export of medium and heavy rare earths to the United States, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, effective April 4.

Others are targeting U.S. operations. China has added 16 U.S. entities to its export control list that prohibits exports of dual-use items to affected companies.

In the “Unreliable Entities” list, another 11 U.S. companies can take punitive actions against foreign entities. Targeted companies include Skydio Inc and Brinc Drones for democratically managing arms sales in Taiwan, which China claims is part of its territory.

China’s Ministry of Commerce said the target company seriously “undermines” China’s national sovereignty, security and development interests and will be banned from new investment, import and export activities in China.

Agricultural trade was also hit as Chinese customs immediately suspended imports of sorghum from grain exporter C&D (US) Inc, as well as poultry and Bonemeal from three U.S. companies.

Then there is the threat of further regulatory action. Beijing announced that it launched an anti-tilt investigation that examined the import of certain medical CT tubes in the United States and India.

It also said it will conduct a broader investigation into how the competitiveness of the medical industry is affected by the import of medical CT tubes.

Economic reaction

U.S. stock futures fell sharply on Friday, marking more losses on Wall Street as the Trump administration beat $2.4 trillion from U.S. stocks.

Stocks of large tech stocks fell in listing trading, with companies such as Apple and NVIDIA having a lot of contact with China and Taiwan for their products.

In Japan, Shigeru Ishiba, the top U.S. trading partner, said tariffs have caused a “national crisis” as bank stocks sold on Friday the worst week of years on bank stocks. European stocks will also lose the most weekly losses in three years.

But U.S. Secretary of State Marco Rubio disputed any economic collapse on Friday, telling reporters that the market has responded to change and will adjust.

“Their economy has not collapsed. Their markets have reacted to a huge change in the global order of trade,” he said at a media conference in Brussels. “The markets will adjust.”