<h1>US-China Trade War Escalates: Massive 34% Tariffs and Rare Earth Export Controls Target Key Industries and Global Supply Chains</h1> China imposed a 34% tariff on US goods as a retaliatory measure against similar US tariffs. Beijing also announced export controls on rare earth metals, targeting US defense, computer, and smartphone industries. The move comes after the US imposed 'reciprocal tariffs' on Chinese exports, which China claims violates World Trade Organization rules. The tariffs will impact over $143 billion in American exports and escalate trade tensions between the two countries.