China Fires Back in Escalating Trade War with US

In retaliation to the US imposing 34% tariffs on Chinese exports, China has announced a 34% tariff on American imports. This escalation in trade tensions between the world's two largest economies has led China to file a lawsuit with the World Trade Organisation.

In a significant escalation of the ongoing trade war, China has announced the imposition of additional 34% tariffs on all imported American products. This move is a direct retaliation to US President Donald Trump's decision to levy similar tariffs on Chinese exports.

China's counteraction marks another chapter in the escalating trade tensions between the two global economic powerhouses, further straining their relationship. The new tariffs on American goods are set to be enforced starting April 10, according to state-run Xinhua news agency.

In response to the US's actions, China has also filed a lawsuit with the World Trade Organisation, challenging the legality of these 'reciprocal tariffs' imposed by the US on its trading partners.

(With inputs from agencies.)