China is the first major world power to announce a measure against the decision announced on Wednesday by Donald Trump.

China's Ministry of Commerce said on Friday that the tariff will be imposed on all imported goods originating in the US starting April 10.

Tariffs on Chinese exports to the US will rise to over 60% after the US president announced tariffs of 34% on top of existing tariffs.

Beijing denounced the new US tariffs as"a typical unilateral action of intimidation" that "does not comply with international trade norms and seriously harms China's legitimate rights and interests."

It is expected that the EU, which also represents Romania in this case, will announce countermeasures to the tariffs imposed by the Trump administration in the coming days.

China's counterattack pushes world markets lower

US stock futures fell sharply on Friday after China announced it would retaliate against Trump's tariffs.

S&P 500 futures fell 1.24%, the Nasdaq 100 fell 1.22% and the Dow fell 1.41%.

On Thursday, the repercussions of Trump's tariffs caused US stocks to lose $2.4 trillion.

The benchmark S&P 500 index fell 4.8% on Thursday, its biggest single-day percentage drop since June 2020.

The pan-European STOXX 600 stock index fell 3.1% on Friday. Friday's decline extended a 2.6% drop the previous day.