China slams 34% additional tariff on US goods after Trump's sweeping trade move

The US had declared a 34% tariff on Chinese imports on top of the existing 20% tariff, which was declared earlier this year. This pushes the overall tariff rate on Chinese imports to 54%, just short of the 60% rate that was suggested by Trump during his campaign.China's retaliatory move is also likely to escalate the trade war between the two nations even more.

According to China's statement on the matter

The Chinese Commerce Ministry expressed that the US moves "violate international trade rules and constitute unilateral economic coercion." China has demanded that the US roll back its recent tariffs and has threatened retaliatory measures to protect its interests.

Effect on global trade

The escalating US-China trade war has significant consequences for international trade. The tariffs of both nations are forecast to increase expenses to consumers and businesses, and have the capacity to slow down exports.