China retaliates against U.S. tariffs with its own tariffs on U.S. imports, investigates Google for antitrust violations, and implements export controls on critical minerals.
China announced on Tuesday it would retaliate against President Trump's tariffs on Chinese products with tariffs of its own on multiple U.S. imports. The country also initiated an antitrust investigation into Google and implemented other trade measures targeting the U.S., escalating trade tensions between the two economic powerhouses. U.S.
tariffs on goods from Canada and Mexico were initially scheduled to take effect on Tuesday, but President Trump postponed the implementation for at least a month following talks with the leaders of both countries. During the discussions, the leaders pledged to intensify efforts to curtail the flow of drugs and migrants across their borders with the U.S. Mr. Trump expressed his intention to speak with Chinese President Xi Jinping within the next few days.China stated that it would impose a 15% tariff on coal and liquefied natural gas products, along with a 10% tariff on crude oil, agricultural machinery, and large-engine cars imported from the U.S. These tariffs are set to come into effect next Monday. The Ministry of Finance declared that the U.S.'s unilateral tariff increase gravely violates World Trade Organization rules and is detrimental to both countries' economic and trade cooperation. Beijing further announced its intention to file a complaint with the WTO against what it considers to be 'malicious' levies.China is the world's largest importer of liquefied natural gas (LNG), with its primary suppliers being Australia, Qatar, and Malaysia. While the U.S. is the leading exporter of LNG globally, it does not significantly export LNG to China. Moreover, the Chinese State Administration for Market Regulation disclosed on Tuesday that it is investigating Google on suspicion of breaching antitrust laws. This announcement, while seemingly unrelated to the tariffs, occurred shortly after Mr. Trump's 10% tariffs on China were to take effect. The potential impact of this investigation on Google's operations remains unclear. Google maintains a limited presence in China, and its search engine is blocked in the country, alongside most other Western platforms. Google withdrew from the Chinese market in 2010 after declining to comply with censorship demands from the Chinese government and experiencing a series of cyberattacks against the company. Google did not immediately provide a comment.In addition to the tariffs and Google investigation, China announced export controls on several elements crucial for the production of cutting-edge high-tech products. These include tungsten, tellurium, bismuth, molybdenum, and indium, many of which are designated as critical minerals by the U.S. Geological Survey, signifying their importance to U.S. economic and national security and their vulnerable supply chains. These export controls supplement those China implemented in December on key elements such as gallium, which is used in manufacturing. The Commerce Ministry also placed two American companies on an 'unreliable entities' list: PVH Group, which owns Calvin Klein and Tommy Hilfiger, and Illumina, a biotechnology company with offices in China. This listing prohibits them from engaging in China-related import or export activities and from making new investments in the country. Beijing initiated an investigation into PVH Group in September last year concerning 'improper Xinjiang-related behavior' following the company's alleged boycott of Xinjiang cotton.Analysts believe China's retaliatory measures will not only harm the U.S. economy but will also impact the rest of the world. This is not the first instance of tit-for-tat actions between the two countries. China and the U.S. engaged in a trade war in 2018 when Trump imposed tariffs on Chinese goods, prompting a similar response from China. Analysts contend that this time, China is significantly better prepared to counter these measures. They point to China's more sophisticated export control regime and its position as a major supplier of critical minerals such as gallium, germanium, and graphite, which are essential to the U.S. economy.The response from China appears calculated and measured, according to Stephen Dover, chief market strategist and head of the Franklin Templeton Institute. He believes China aims to avoid escalating the trade war and observes the example set by Canada and Mexico. However, he acknowledges the risk that this could mark the beginning of a protracted trade war, potentially leading to lower GDP growth globally, higher U.S. inflation, a stronger dollar, and upward pressure on U.S. interest rates
Trade Economics CHINA USA TARIFFS TRADE WAR GOOGLE ANTITRUST EXPORT CONTROLS CRITICISM MINERALS
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Hits US with Tariffs, Launches Google Antitrust ProbeChina retaliated against US tariffs with its own duties on American goods, including coal, LNG, crude oil, and vehicles. Additionally, China announced an investigation into Google for potential antitrust violations.
Read more »
China hits back at 10% U.S. tariff with its own levies on U.S. productsChina retaliated immediately on Tuesday as a 10% U.S. tariff on Chinese goods went into effect, announcing its own levies of 10% to 15% on some U.S.…
Read more »
China hits back at Trump with retaliatory tariffsBusiness Insider tells the global tech, finance, stock market, media, economy, lifestyle, real estate, AI and innovative stories you want to know.
Read more »
Bitcoin Price Forecast: BTC edges below $100K as China hits back after US tariffs take effectBitcoin’s (BTC) price edges down nearly 3%, trading below $100,000 during the early European session on Tuesday after recovering from a low of $91,231 the previous day.
Read more »
China Opens Antitrust Probe into Google Amidst Escalating U.S.-China TensionsThe Chinese government's launch of an antitrust investigation into Google marks a significant escalation in the already strained relationship between the two countries. The investigation follows a series of trade disputes and restrictions, highlighting the growing geopolitical competition.
Read more »
Chiefs Back to Back to Back Super Bowl: A Familiar Foe AwaitsThe Kansas City Chiefs are headed to their third consecutive Super Bowl after defeating the Buffalo Bills in a thrilling AFC Championship game. This sets up a rematch against the Philadelphia Eagles, who they previously defeated in Super Bowl 57. The Chiefs also announced the hiring of David Higdon as their new Executive Vice President of Communications.
Read more »