China pledges to be a ‘promising land’ for foreign investment, including by U.S. companies, after it retaliates to Trump tariffs

A top Chinese official has vowed to protect U.S. firms and pledged his country will remain a "promising land" for foreign investment, Beijing said Monday, after it slapped 34% tariffs on U.S. imports.

China retaliated last week against levies at the same level announced by U.S. President Donald Trump on what he called "Liberation Day".

Beijing also imposed export controls on seven rare earth elements, including gadolinium—commonly used in magnetic resonance imaging—and yttrium, which is used in consumer electronics.