China to impose 34% retaliatory tariff on all goods imported from the U.S.

China's Finance Ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. starting on April 10, following duties imposed by U.S. President Donald Trump's administration earlier this week.

"China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner," the ministry said, according to a Google translation.

It further criticized Washington's decision to impose 34% of additional reciprocal levies on China — bringing total U.S. tariffs against the country to 54% — as "inconsistent with international trade rules" and "seriously" undermining Chinese interests, as well as endangering "global economic development and the stability of the production and supply chain," according to a Google-translated report from Chinese state news outlet Xinhua.

Separately, China also added 11 U.S. firms to the "unreliable entities list" that the Beijing administration says have violated market rules or contractual commitments. China's Ministry of Commerce also added 16 U.S. entities to its export control list and said it would implement export controls on seven types of rare earth-related items, including samarium, gadolinium and terbium.

Beijing has also filed a formal complaint against the U.S. with the World Trade Organization, the Ministry of Commerce confirmed in a Google-translated release, saying Washington's tariffs policy "seriously violates WTO rules, seriously damages the legitimate rights and interests of WTO members, and seriously undermines the rules-based multilateral trading system and the international economic and trade order."

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump said on his Truth Social media platform.