Two days after U.S. President Donald Trump announced sweeping tariffs against several countries, China has retaliated with 34% tariffs on all US imports from April 10, reported by the country’s official Xinhua News Agency.

Chinese officials announced a series of new trade measures, including an immediate restriction on the export of seven categories of rare earth materials. They also launched an anti-dumping investigation into CT X-ray tubes imported from the U.S. and India, and suspended poultry imports from two U.S. companies.

In addition, 11 American defense firms have been added to China’s unreliable entities list, while export controls are being placed on 16 other U.S. companies.

The 34% levy imposed by China matches the “reciprocal” tariff announced by Trump on Wednesday, which itself added to the existing tariffs on the country. Once the latest U.S. tariffs come into effect on April 9, Chinese goods will face a 54% tax rate, which China’s finance ministry said was “inconsistent with international trade rules.”

The ministry has called for the U.S. to withdraw its tariffs and negotiate trade differences through mutual consultation.

U.S. stock futures fell to session lows on Friday after China’s retaliatory levies. Dow-linked futures (INDU) are down just over -2%, while S&P futures (SPX) are -2.6%. Nasdaq 100 Futures (US100:IND) are also down -2.7%.

Major U.S. stock market indices have already taken a beating in the days since Trump’s announcement. The Dow Jones Industrial Average (DJI) was down nearly 4% on Thursday, while S&P 500 (SP500) was down nearly -5%.

European stocks have also been hit by the news.

China ETFs: (KWEB), (PGJ), (FXI), and (ASHR).

US-listed Chinese stocks extended losses: Alibaba (BABA) -9.8%, Baidu (BIDU) -7.4%, PDD (PDD) -8.6%, JD.com (JD) -9.9%, NetEase (NTES) -6.6%, Trip.com (TCOM) -5.9%

China-exposed tech companies to watch: Nvidia (NVDA) -3.9%, Apple (AAPL) -4.7%, Taiwan Manufacturing Company (TSM) -4.7%, Tesla (TSLA) -5.2%

Rare earth stocks that could be affected: (LAC) -2.9%, (PLL) -1.7%, (SLI) +1.6%, (MP) +11.7%, (ALB) -5.3%.

Defense stocks to watch: Lockheed Martin (LMT) -0.62% premarket, Northrop Grumman (NOC) -0.62%, General Dynamics (GD) -1.7%, RTX (RTX) -1.09% and Boeing (BA) -5.6%.