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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

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Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Finance
Asia

China punches back on Trump tariffs with 34% import duties on all U.S. products

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The Associated Press
The Associated Press
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The Associated Press
The Associated Press
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April 4, 2025, 7:58 AM ET
A woman carrying a child stands near Apple and Nike stores in Beijing, China, on April 4, 2025.
A woman carrying a child stands near Apple and Nike stores in Beijing, China, on April 4, 2025. Ng Han Guan—AP

China announced Friday that it will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following U.S. President Donald Trump’s “Liberation Day” slate of double-digit tariffs.

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The new tariff matches the rate of the U.S. “reciprocal” tariff of 34% on Chinese exports Trump ordered this week.

The Commerce Ministry in Beijing also said in a notice that it will impose more export controls on rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries.

Included in the list of minerals subject to controls was samarium and its compounds, which are used in aerospace manufacturing and the defense sector. Another element called gadolinium is used in MRI scans.

China’s customs administration said it had suspended imports of chicken from two U.S. suppliers, Mountaire Farms of Delaware and Coastal Processing. It said Chinese customs had repeatedly detected furazolidone, a drug banned in China, in shipments from those companies.

Additionally, the Chinese government said it has added 27 firms to lists of companies subject to trade sanctions or export controls.

Among them, 16 are subject to a ban on the export of “dual-use” goods. High Point Aerotechnologies, a defense tech company, and Universal Logistics Holding, a publicly traded transportation and logistics company, were among those listed.

Beijing also announced it filed a lawsuit with the World Trade Organization over the tariffs issue.

“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 said.

In February, China announced a 15% tariff on imports of coal and liquefied natural gas products from the U.S. It separately added a 10% tariff on crude oil, agricultural machinery and large-engine cars.

The latest tariffs apply to all products made in the U.S., according to a statement from the Ministry of Finance’s State Council Tariff Commission.

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