China’s Ministry of Finance has announced a 34% tariff on all U.S. imports starting April 10, in response to similar duties implemented by the U.S. under former President Donald Trump’s administration, according to state news outlet Xinhua.

“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” Xinhua cited the finance ministry as saying in a Google-translated report.

The ministry strongly criticized the U.S. for imposing an additional 34% tariff, bringing the total U.S. tariffs on China to 54%.

It also called the move “inconsistent with international trade rules” and argued that it severely undermines China’s interests, while also threatening global economic stability and disrupting production and supply chains.

U.S. stock futures dropped significantly following China’s announcement of retaliatory tariffs.

Dow Jones Industrial Average futures fell by 900 points (2.2%), while S&P 500 and Nasdaq-100 futures decreased by 2.3% and 2.6%, respectively, reflecting market concerns over escalating trade tensions.

European stocks also experienced a sharp decline in response to the news of China’s retaliatory tariffs, reflecting the broader global market anxiety.