In response to the Trump administration's imposition of import taxes, China has announced a 34 percent tariff on all American goods alongside similar tariffs from the US, effective April 10. The Chinese government has also restricted the sale of key rare earth minerals, impacting global supply chains beyond just the US, as China produces 95 percent of these critical materials. With ongoing tensions, these measures further escalate trade relations and have already contributed to significant declines in US market indices, demonstrating the economic ramifications of the escalating trade war.
"China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner."
"The Middle Kingdom is one of the largest producers of rare earth minerals, responsible for roughly 95 percent of worldwide output."
"These controls, to be clear, don't just impact the US but the world as a whole."
"A year later Beijing tightened its grip over its rare earth metal supply."
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