China Imposes 34% Tariff on U.S. Goods Amid Escalating Trade War

China has announced a 34 percent tariff on all goods imported from the United States in response to tariffs imposed by U.S. President Donald Trump. China’s Finance Ministry stated on Friday that the new tariff will come into effect from April 10, condemning the U.S. action as a bullying tactic.

The Ministry criticized the move as a violation of international trade rules that severely undermines China’s legitimate rights and interests. The growing trade tensions have sparked fears of a global recession, leading to a massive sell-off in stock markets worldwide.

Asian markets, including India, along with European stock exchanges, saw a sharp decline of around 4 percent. In the U.S., Dow Futures dropped by 1,100 points for the second consecutive day. Investors in the Indian stock market alone suffered losses amounting to Rs 9.5 lakh crore in a single day.