China Retaliates With 34 Percent Tariffs on US Goods; US ‘Very Close’ to Reaching TikTok Deal: Trump

China announced a raft of additional tariffs and restrictions on U.S. goods on Friday in retaliation against the sweeping tariffs imposed by President Donald Trump. Beijing said that, starting on April 10, it would impose additional tariffs of 34 percent on all U.S. products. The Chinese Communist Party (CCP) also unveiled controls on exports of rare-earth elements to the United States, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, effective from Friday.

Trump said on April 3 that he would potentially consider an agreement where China agrees to approve the sale of social media platform TikTok from its parent company, ByteDance, in return for relief from the tariffs he recently imposed on the nation’s imports. He said the TikTok sale is an example of how he could use tariffs as negotiation tactics with other nations.