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

China retaliated last week against levies at the same level announced by US 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.

Vice commerce minister Ling Ji told a panel of US company representatives on Sunday that the tariffs........

© International Business Times