China will impose a 34% tariff on all American goods in response to President Donald Trump's "Liberation Day" measures, the country's tariff commission said on Friday.

The tariffs put in place by the Trump administration will likely hit the US economy more than Europe, Banco Santander SA Executive Chair Ana Botin said on Friday.

China was already subject to a 20% tariff when Trump announced the additional levies on Wednesday during a ceremony in the Rose Garden at the White House. Beijing now has an effective U.S. import tax rate of 54%, one of the highest for any major American trading partner. The new U.S. tariff rate on China comes into effect on April 9.

Stocks plummeted for a second consecutive day as China announced it would impose a 34% tariff on American goods in response to President Donald Trump's levies on the Asian nation.

China said Friday that it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.

Sweeping tariffs imposed by U.S. President Donald Trump on Wednesday are set to increase prices of cannabis products in the country, as many firms rely on Asia for manufacturing. The latest levies will stack up on any duties imposed earlier on countries like China, Canada, Mexico and the EU.

Countries and industries were scrambling Friday to respond as President Donald Trump’s latest tariffs hikes upend global trade and world markets.

U.S. President Donald Trump on Friday said China "played it wrong" after Beijing retaliated against new U.S. tariffs, unveiling countermeasures that included additional duties of 34% on U.S. goods.

China hit back on President Donald Trump's tariffs, announcing it would impose a 34% duty on all goods imported from the U.S.

The Nasdaq 100 plunged another 4%, putting it on course to close more than 20% below its February record in a rout whose swiftness is rivaled in recent years only by the pandemic meltdown in 2020.

U.S. Secretary of State Marco Rubio on Friday downplayed the impact of the Trump administration's tariffs on NATO members' ability to finance the increases in military spending Washington is pushing for.