China has announced it will impose additional tariffs of 34 per cent on imports from the US in retaliation for duties of the same amount unveiled by President Donald Trump this week as part of his aggressive trade agenda.

The Ministry of Commerce said on Friday that the tariff would be imposed on all imported goods originating from the US from April 10.

Financial Times on Friday reports that levies on Chinese exports are set to rise to more than 60 per cent after the US president announced “reciprocal” tariffs of 34 per cent that come on top of existing tariffs.

Beijing denounced the new US duties as “a typical unilateral bullying move” that “does not comply with the rules of international trade and seriously damages the legitimate rights and interest of China”.

Details later….