China announced Friday that it will impose a 34% tax on all U.S. imports next week, part of a flurry of retaliatory measures to U.S. President Donald Trump’s new tariffs that delivered the strongest response yet from Beijing to the American leader's trade war.

As countries around the world reel from the U.S. tariffs, Beijing has been quick to try to capitalize on the upheaval and extend its influence — economic and otherwise.

China announced that it will impose reciprocal tariffs on all United States imports. Who pays these taxes? Will it affect you?

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

China announced additional tariffs of 34% on U.S. goods on Friday, retaliating to President Donald Trump's sweeping tariffs this week that have fed fears of a recession and triggered a global stock market rout.

President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.

The US president, who has vowed to remake the global trade order, dismissed concerns, noting the US jobs market is strong.

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

U.S. stocks plunged more than 1,000 points in first trading day after President Trump's sweeping tariffs announcement.