China hits U.S. back with reciprocal tariffs

The move mirrors the 34% tariffs the U.S. placed on China earlier this week.

Transcript

00:00Just days after President Donald Trump implemented an additional 34% tariff on all Chinese goods

00:05imported into the United States, China has retaliated.

00:09The Chinese government has now imposed a reciprocal 34% tax on all imports from the U.S.

00:15As it announced the retaliatory tariffs, China made it clear what it thought of Trump's

00:19decision.

00:20This practice of the U.S. is not in line with international trade rules, seriously undermines

00:24China's legitimate rights and interests, and is a typical unilateral bullying practice.

00:29The U.S. had previously imposed two sets of 10% tariffs on China, meaning all Chinese

00:34goods arriving in the U.S. are now subject to tariffs of more than 54%.

00:39The announcement immediately sent U.S. stocks tumbling, with the Dow dropping roughly 1,000

00:43points before markets opened for trading on April 4th.

00:47That'll do it for your daily briefing.

00:48From New York City, I'm Kelsea Barberio with The Street.