Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
4 Apr 2025

China Finance Ministry: Will impose additional 34% tariffs on all US goods from April 10

China's Finance Ministry announced on Friday that they will impose additional tariffs of 34% on all US imports from April 10 in response to US President Donald Trump's latest tariff announcements, per Reuters.

Reuters further reported that China's Commerce Ministry added 16 US entities to export control list and added 11 entities to the unreliable entity list.

China has also reportedly requested a consultation with the World Trade Organization (WTO) on the US' reciprocal tariffs.

Market reaction

The US Dollar (USD) Index erased its daily recovery gains following this headline. At the time of press, the USD Index was virtually unchanged on the day at 101.95.

Tariffs FAQs

Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.

Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.

There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.

During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

Apr 4, 2025

Brent: Next objectives are located at $65.50/64.70 and $63 – Societe Generale

Brent has pulled back after facing strong resistance around the 200-DMA ($76) recently, Societe Generale's FX analysts report.
Read more Previous
Apr 4, 2025

USD/CNH: Set to weaken to 7.2430 before stabilisation can be expected – UOB Group

Scope for US Dollar (USD) to weaken to 7.2430 before stabilisation can be expected vs Chinese Yuan (CNH); it is unclear if 7.2150 will come into view.
Read more Next