China said it would slap 34 percent tariffs on all imports of US goods from April 10 after Washington imposed steep new levies on Chinese products.
"For all imported goods originating from the US, an additional tariff of 34 percent on top of the current applicable tariff rate will be imposed," Beijing's finance ministry said on Friday
Beijing's Commerce Ministry also imposed export controls on seven rare earth elements, including gadolinium — commonly used in magnetic resonance imaging — and yttrium, which is used in consumer electronics.
China will also file a lawsuit with the World Trade Organization (WTO) over tariffs, the ministry said.
Oil prices tumbled more than 5 percent after China’s tariff retaliation
US President Donald Trump ignited a potentially ruinous global trade war this week by imposing 10 percent levies on imports from around the world and harsh extra duties on key trading partners.
Trump unveiled particularly stinging tariffs of 34 percent on China, one of its largest trading partners, on top of existing levies.
China swiftly vowed "countermeasures" to protect its rights and interests.
The US President has set the cat among the pigeons by slapping high tariffs on 60 nations. How the world reacts will determine the course of the world economy.
