The global trade war is on: China strikes back against Trump’s tariffs

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    China struck back against Donald Trump’s latest round of tariffs on Friday morning by announcing it would be levying its own 34% reciprocal tariff on American goods, Bloomberg reports. 

    Starting April 10, China will impose a 34% tariff on all imports from the U.S., matching America’s reciprocal tariffs announced by Trump on Wednesday. 

    Trump quickly responded to China’s levies on social media, saying “CHINA PLAYED IT WRONG, THEY PANICKED — THE ONE THING THEY CANNOT AFFORD TO DO!”

    While the Labor Department released figures on Friday showing that American employers added more jobs than economists had expected, U.S. equities tumbled following China’s announcement. 

    China’s decision to retaliate before the tariffs took effect on April 9 also marks a shift from its previous approach of waiting until duties were in place. 

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