China Slaps New 34% Tariff on U.S. Goods, Raising Trade War Stakes
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China announced on Friday a fresh wave of tariffs totaling 34% on U.S. goods, marking the most severe escalation yet in an intensifying trade conflict with President Donald Trump. In conjunction with the new duties, Beijing expanded its “unreliable entity” list to include 11 American organizations linked to weapons sales to Taiwan, a move that enables retaliatory action against these firms. Meanwhile, China also unveiled controls on exports of certain rare earths, signaling its willingness to broaden the economic standoff between the world’s two largest economies.
Trump responded by doubling down on his approach, signaling no immediate shift in policy despite mounting global concerns. Markets reacted sharply, with financial giants like JP Morgan projecting a 60% chance of a worldwide recession by year’s end. Equities took a further hit Friday, particularly in tech-heavy sectors reliant on Chinese manufacturing. The dispute has already caused other nations, including Canada, to ready their own responses, highlighting the spiraling nature of the conflict as concerns over an extended “tit-for-tat” trade war continue to roil financial markets.
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