China retaliates with 34% tariff on U.S. goods

• Financial markets plunged on the news in early trading on Friday, extending the prior day's drop — which was the worst for U.S. stocks since 2020.
• Most U.S. indices indicated at least a 3% decline at the open.

Catch up quick: Trump announced an additional 34% tariff on Chinese imports on Wednesday — bringing duties on all Chinese goods to 54%, including the previous 20% tariffs previously slapped on imports.

Driving the news: China said the tariffs are effective on April 10, one day after the U.S.-ordered tariffs go into effect, Reuters and Bloomberg reported.

• China also said it would restrict exports of rare-earth materials, effective immediately.
• The world's leading producer of rare earths, Chinese exports are critical for a number of technologies, including electric vehicles.

By the numbers: The U.S. exported nearly $144 billion in goods to China in 2024, per the Office of the U.S. Trade Representative.

• According to the U.S.-China Business Council, oilseeds and grains top that list by far.

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