Trade War Begins! China Hits Back, 34% Tariffs on All U.S. Imports

China dropped a trade bombshell Friday, April 4, 2025, announcing a hefty 34 percent tariff on all U.S. imports, effective April 10, in a tit-for-tat escalation of its trade war with Washington.

The move, confirmed by China’s Finance Ministry a couple of hours ago, comes hot on the heels of President Donald Trump’s April 2 "Liberation Day" tariffs, which jacked up U.S. duties on Chinese goods to 54 percent—34 percent atop an existing 20 percent—from April 9. Beijing’s counterpunch promises to jolt $143.5 billion in annual U.S. exports, from soybeans to LNG, as the world’s two economic titans dig in for a bruising showdown.

China’s Ministry of Commerce didn’t flinch, labeling Trump’s tariffs "unilateral bullying" and vowing to "resolutely safeguard its rights." The new levies—slated to kick in five days after the U.S.’s reciprocal rates—target everything American, though goods shipped before April 10 and arriving by April 20 may dodge the hit, per customs rules.

"There’s no winner in a trade war," the ministry warned, slamming the U.S. for flouting global trade norms and threatening supply chains. Posts on X buzzed with alarm—Dow futures tanked over 2.5 percent to below 39,500, signaling market jitters.

The U.S., China’s third-biggest export market, saw $438.9 billion in Chinese goods in 2024, dwarfing the $143.5 billion China imported back. Analysts see Beijing’s 34 percent as a measured jab—hitting key U.S. sectors like agriculture (soybeans alone worth $22.3 billion) and energy (LNG at $2.41 billion)—but leaving room for talks.

"The trade imbalance limits China’s leverage," Janet Mui of RBC Brewin Dolphin told Reuters, hinting the tariffs might sting more symbolically than economically. Still, with Trump eyeing a TikTok deal to ease duties, and China banking on stimulus to cushion its slowdown, this tariff tango’s next steps are anyone’s guess.