U.S. President Donald Trump and his allies are defending his sweeping ‘Liberation Day’ tariffs despite a global stock market selloff and rising fears of a worldwide recession. Trump said he thinks ‘it’s going very well,’ and that countries will soon come looking for deals.
China announced Friday that it will impose a 34 per cent tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following U.S. President Donald Trump’s “Liberation Day” slate of double-digit tariffs.
The new tariff matches the rate of the U.S. “reciprocal” tariff of 34 per cent on Chinese exports Trump ordered this week. The Commerce Ministry in Beijing also said in a notice that it will impose more export controls on rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries.
Included in the list of minerals subject to controls was samarium and …