Trump Tariffs: China Approves 34% Tariff Hike on All U.S. Imports Starting April 10

China's State Council has approved a sweeping 34% additional tariff on all imported goods originating from the United States, set to take effect from 12:01 AM on April 10, 2025, according to an official announcement from the Ministry of Finance.The move comes in direct response to the U.S. government's imposition of so-called "reciprocal tariffs" on Chinese exports, announced on April 2. Beijing condemned the U.S. decision as a "unilateral bullying practice" that violates international trade norms and undermines China's lawful interests.Key Provisions of China’s Retaliatory Tariffs:Scope: All goods imported from the United States will face an additional 34% tariff, in addition to the current applicable rate.Exemptions: Goods shipped before 12:01 AM on April 10, 2025, and arriving in China before May 13, 2025, will be exempt from the new tariffs.No Tax Relief: The newly imposed tariffs will not be eligible for existing bonded, tax reduction, or exemption policies.Legal Basis: The tariffs are based on China's Tariff Law, Customs Law, Foreign Trade Law, and established international legal principles.Background:The decision marks the latest escalation in the growing U.S.-China trade conflict, reigniting tensions not seen since the 2018–2020 trade war. China framed the move as a necessary countermeasure to protect national economic sovereignty and uphold multilateral trade principles.This tariff announcement follows a period of heightened uncertainty in global financial markets, with both stock indices and cryptocurrencies experiencing volatility in reaction to the tit-for-tat trade actions. The U.S. Nasdaq and S&P 500 recently recorded their sharpest declines since the COVID-19 pandemic, while Bitcoin briefly dropped below $82,000.Market analysts warn that the continued trade fallout could impact supply chains, inflation, and investment flows, potentially weighing on global GDP growth and increasing demand for safe-haven assets such as gold and Bitcoin.