China will impose 34% tariffs on all U.S. goods starting April 10, according to the country’s finance minister. The move follows President Trump‘s announcement of matching tariffs on Chinese imports, raising total duties on those goods to 54%.
The escalation deepens the ongoing trade dispute between the two countries, who remain major trading partners. China also announced immediate restrictions on rare-earth material exports.
Financial markets reacted sharply, with major U.S. indices falling more than 2% in early trading Friday. The sell-off extended Thursday’s losses, which marked the worst trading day for U.S. stocks since 2020.
The U.S. exported nearly $144 billion in goods to China in 2024, according to the Office of the U.S. Trade Representative. Data from the U.S.-China Business Council shows oilseeds and grains lead U.S. exports to China.
The tariff increases take effect just one day apart, with the U.S. measures starting April 9 and China‘s on April 10.
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