China strikes back at Trump with own tariffs

China has struck back at President Trump on Friday. In a rapid fire series of policy announcements from Beijing, including 34% across-the-board tariffs, three Chinese govt agencies showed that China has no intention of backing down in the trade war that Trump began this week with his own steep tariffs on imports from around the world.
China's finance ministry said it will match Trump's plan for 34% tariffs on goods from China with its own 34% tariff on imports from the US. Separately, China's ministry of commerce said it was adding 11 American companies to its list of "unreliable entities," essentially barring them from doing business in China or with Chinese companies. It also imposed a licencing system to restrict exports of seven rare earth elements that are mined almost exclusively in China and are used in everything from electric cars to smart bombs.
The ministry will start two investigations into US exports of medical imaging equipment - one of the few manufacturing categories in which the US remains globally competitive.

China's general administration of customs said it would halt chicken imports from five big US exporters of agricultural commodities and sorghum imports from a sixth company. China's new tariffs will hit fewer goods than Trump's tariffs because China sells far more to the US than it buys. China bought $147.8 billion worth of American semiconductors, agricultural goods and other products last year. It sold $426.9 billion worth of smartphones, toys and other items.
But while Trump's tariffs exempted some large categories of imports, Chinese tariffs have no exemptions. Its finance ministry said: "This practice of the US is not in line with international trade rules, seriously undermines China's legitimate rights and interests." The tariffs were scheduled to take effect next Thursday.