China announces 34% retaliatory tariffs on US imports

China retaliated against US tariffs by imposing a 34% duty on all imports, escalating tensions and causing global stock markets to plummet. Despite the backlash, President Trump vowed to maintain his tough stance on trade, with average US tariffs on Chinese goods reaching 76%. The trade war is expected to hit US agricultural exports hard, while Beijing’s actions indicate a desire to negotiate with Washington amidst market turmoil.

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