China's Ministry of Finance announced an additional 34% import tariff on all US goods in response to US President Donald Trump's tariff measures, effective from April 10. The tariffs would be on top of existing import tariffs that Trump has already imposed, which he said were a mistake by China because it lacks the ability to retaliate. China also announced export controls on seven rare earth minerals to the United States, which went into effect on April 4. China said the new US tariffs violated World Trade Organization rules. China's retaliatory measures have raised widespread concerns that the world's second-largest economy is escalating its tangible and aggressive response to the US, which will inevitably have a further impact on the global economy.
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