'No winners': China retaliates to Trump 'bullying'

The Chinese government on Friday responded to U.S. President Donald Trump's sweeping new tariffs with 34% import duties on all American goods beginning next week, intensifying global blowback against the White House and accelerating a worldwide financial market tailspin.

China's tariffs on U.S. imports, which match the tariffs the Trump administration moved this week to impose on Chinese goods, are set to take effect on April 10. Trump's 34% tariffs on Chinese imports come on top of the 20% tariffs the U.S. president imposed earlier this year.

"The U.S. approach does not conform to international trade rules, seriously damages China's legitimate rights and interests, and is a typical unilateral bullying practice," China's Ministry of Finance said in a Friday statement.

Additionally, China's Commerce Ministry announced immediate export restrictions on rare earth materials and "added 16 entities from the U.S., including High Point Aerotechnologies and Universal Logistics Holdings Inc., to its export control list," according to the state-run China Daily.

"Under the new rule," the outlet reported, "Chinese companies are prohibited from exporting dual-use items to these 16 U.S. entities. Any ongoing related export activities should be immediately halted, said the Ministry of Commerce."

Retaliatory tariffs from the world's second-largest economy mark the latest step in a global trade war launched by the Trump White House, which—despite warnings of disastrous impacts for working-class U.S. households and the broader economy—plowed ahead this week with a 10% universal tariff on imports and larger tariffs on a number of trading partners, including China.

Following Trump's official tariff announcement, Beijing condemned the duties as "unacceptable" and vowed to "take measures as necessary to firmly defend [China's] legitimate interests."

"Trade and tariff wars have no winners. Protectionism leads nowhere," said the spokesperson for China's foreign ministry on Thursday. "We urge the U.S. to stop doing the wrong thing, and resolve trade differences with China and other countries through consultation with equality, respect, and mutual benefit."

Other nations hit by Trump's tariffs are expected to respond in the coming days.

European Commission President Ursula von der Leyen told reporters Thursday that the E.U. was "already finalizing the first package of countermeasures in response to tariffs on steel, and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."

Canadian Prime Minister Mark Carney vowed that "we are going to fight these tariffs with countermeasures."

"In a crisis, it's important to come together and it's essential to act with purpose and with force," Carney added. "And that's what we will do."