China to impose 34% retaliatory tariff on all items imported from the U.S.

China’s finance ministry on Friday stated it can impose a 34% tariff on all items imported from the U.S. beginning on April 10, following duties imposed by U.S. President Donald Trump’s administration earlier this week, based on state information outlet Xinhua.

“China urges the US to right away cancel its unilateral tariff measures and resolve commerce variations by means of session in an equal, respectful and mutually helpful method,” Xinhua cited the finance ministry as saying in a Google-translated report.

The ministry additional criticized Washington’s resolution to impose 34% of further reciprocal levies on China — bringing complete U.S. tariffs towards the nation to 54% — as “inconsistent with worldwide commerce guidelines” and “significantly” undermining Chinese language pursuits, in addition to endangering “international financial growth and the soundness of the manufacturing and provide chain.”

European shares fell sharply on the information. The pan-regional Stoxx 600 index was 4.5% decrease by 11:27 a.m. London time, extending earlier losses, with Europe’s banking sector falling over 9.5%.

— CNBC’s Katrina Bishop contributed to this report.

This breaking information story is being up to date.