Beijing has said it will introduce 34% tariffs on US imports to counteract the duties imposed by the Trump administration. Meanwhile, Japan said tariffs have triggered a “national crisis.”
Japan’s PM Ishiba says Trump tariffs are a ‘national crisis’
Tokyo’s stock market looks set to be suffering its worst week in years after the announcement of sweeping tariffs by the Trump administration.
Japan is one of the US’ major trade partners as well as a historically important ally in the Pacific region, however, this was not enough to spare it from Trump’s “Liberation Day” tariff announcement on Thursday.
Watching the fallout on Friday, which included the key Nikkei 225 stock market index falling more than three points, Japanese Prime Minister Shigeru Ishiba described the tariffs as a “national crisis.”
China announces 34% reciprocal tariffs
Following the announcement of what the US called “reciprocal” tariffs against China, Beijing has increased its tariffs on US-imported goods.
The levies are set to come into effect on April 10.
US President Donald Trump announced a minimum of 10% on all imports into the United States on Thursday, but a custom rate was imposed on those countries Trump said were the worst offenders for trade imbalances with the US.
China was one of these, with Washington announcing 34% tariffs on Thursday, which, added to the previous 20% tariffs against Chinese goods, brings the total to 54%.
The Commerce Ministry in Beijing also said it would increase the export controls on key rare earth materials that are essential for high-tech industries that produce chips and electric vehicle batteries. It also announced export controls for 27 US companies.
On top of the retaliatory measures, the ministry said it was filing a lawsuit with the World Trade Organization (WTO).
“The United States’ imposition of so-called ‘reciprocal tariffs’ seriously violates WTO rules, seriously damages the legitimate rights and interests of WTO members, and seriously undermines the rules-based multilateral trading system and international economic and trade order,” the Commerce Ministry said.
“It is a typical unilateral bullying practice that endangers the stability of the global economic and trade order. China firmly opposes this,” it added.
Thank you for joining us as we bring you the latest reporting on the fallout following US President Donald Trump’s latest round of tariffs.
The new levies on imports into the world’s biggest economy have already sent shockwaves, hitting global stock markets, including in the US itself.
Responses to the tariffs have included announcements of counter-tariffs as well as attempts to seek leniency from the White House.
