After China announced on April 10 that it would impose a 34% tariff on all imports from the United States, the major stock indexes at the New York Stock Exchange fell by more than 5% on Friday (yesterday).
Following U.S. President Donald Trump's announcement on April 2 to impose a base rate of 10% on all imports and an additional 34% tariff specifically on goods imported from China, the total market value of the U.S. stock market fell by $6.4 trillion in two days.
According to trade data between China and the United States in 2024, the total volume of goods trade between the two countries reached $688.28 billion in 2024. Of this amount, the United States exported $163.62 billion worth of goods to China.
China imports agricultural products, microchips, machinery equipment, hydrocarbons, and metals from the United States. The United States purchases smartphones, computers, lithium batteries, plastic products, household appliances, shoes, children's toys, and other products from China.
In order to better safeguard national security and interests and fulfill international obligations such as non-proliferation, on April 4, the Ministry of Commerce of China and the General Administration of Customs jointly issued an announcement, deciding to implement export controls on related items of medium and heavy rare earths.
From now on, export control measures will be implemented on seven categories of related items of medium and heavy rare earths including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
According to information from the news office of the Ministry of Commerce of China, China has filed a lawsuit with the World Trade Organization regarding the "mutual tariffs" imposed by the United States on its trading partner countries.
China also prohibits the export of dual-use items to 16 U.S. companies and lists another 11 companies due to trade with TW on the Unreliable Entity List.
Original article: https://www.toutiao.com/article/7489768087240081954/
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