讀後心得

The Chinese government announced that starting from April 10, it will impose a 34% import tariff on all American products in response to the U.S. imposing the same tax rate on Chinese products. The Ministry of Commerce of China has also strengthened regulations on rare earth exports, which are used in electronic products and electric vehicle batteries. Chinese customs have additionally suspended the import of certain U.S. chicken products due to the detection of banned drugs and bacterial contamination. Furthermore, China has placed 27 American companies on a trade sanction or export control list and has filed a lawsuit with the World Trade Organization regarding the tariff issue. Experts analyze that China's measures may prompt Western countries to seek alternative supply chains, while the market situation still needs to observe the subsequent reactions from the Trump administration.

The Chinese government announced on Friday (April 4) that it will impose a 34% import tariff on all U.S. goods starting April 10. This tariff rate aligns with the "reciprocal tariffs" of 34% imposed on Chinese goods by Trump this week. Meanwhile, the Chinese Ministry of Commerce also announced that it will strengthen controls on rare earth exports, which are critical raw materials for computer chips and electric vehicle batteries. The list of controlled minerals includes cerium and its compounds, which are vital in aerospace and defense, while another element, gallium, is used in magnetic resonance imaging.

In addition, the General Administration of Customs of China announced a suspension of chicken product imports from certain U.S. suppliers due to the detection of the banned drug furazolidone. Customs also pointed out that some U.S. companies' sorghum was found to have high concentrations of mold, and salmonella was detected in poultry bone meal. The Chinese government has included 27 U.S. companies on its trade sanctions or export control list, with 16 companies being banned from exporting "dual-use" items.

Beijing has also announced that it has filed a lawsuit with the World Trade Organization regarding the tariffs, stating that the U.S. implementation of so-called "reciprocal tariffs" seriously violates WTO rules and is a typical unilateral action. Additionally, China has launched anti-monopoly investigations against multinational chemical companies and has initiated anti-dumping investigations for medical CT tubes imported from the U.S. and India.

In February of this year, China imposed a 15% tariff on coal and liquefied natural gas products imported from the U.S., while imposing a 10% tariff on crude oil, agricultural machinery, and large vehicles. The Tariff Commission of the State Council of the Ministry of Finance stated that the latest tariff measures apply to all U.S.-made products. Although U.S.-China trade tensions continue to escalate, the overall relationship may not be as tense as imagined. Since Trump took office, military officials from both China and the U.S. held talks for the first time this week to discuss maritime military security issues, with both sides stating that the meeting aimed to reduce risks.

Regarding the rare earth control measures announced by Beijing, experts pointed out that this could prompt Western countries to seek alternative supply chains. One analyst stated that China's actions, even if only targeting the U.S., will cause European companies and governments to reconsider the seriousness of export control risks. Regarding China's retaliatory measures, another economist said it is still too early for a final assessment of the situation, and there may be two possible developments: one is that Trump maintains an open negotiation stance, while the other is that a tough stance may keep high tariffs in place for a long time.

This economist emphasized that China's retaliation does not necessarily mean that both sides will not reach an agreement at some point, but it remains to be seen whether Trump will express a desire to reach an agreement. Another market strategist noted that China's response clearly exceeded expectations, and close attention to the details is needed. If Trump responds to China's retaliatory measures, the market may face pressure again.