China announced retaliatory tariffs on US imports and launched an antitrust investigation into Google, escalating tensions in the ongoing trade war between the two nations.
China vowed to retaliate against President Trump's tariffs on Chinese goods with its own tariffs on various American imports. The Ministry of Finance announced a 15% levy on coal and liquefied natural gas products from the US, as well as a 10% tariff on crude oil, agricultural machinery, and large-engine cars. These tariffs are set to take effect next Monday.
China's government condemned the US's unilateral tariff increase, stating that it 'seriously violates the rules of the World Trade Organization.' They asserted that the tariffs are not only ineffective in addressing US domestic issues but also harm the normal economic and trade cooperation between the two nations. Furthermore, China's State Administration for Market Regulation announced an antitrust investigation into Google, alleging violations of antitrust laws. This announcement coincided with the implementation of President Trump's 10% tariffs on Chinese goods. Meanwhile, President Trump postponed his plans for imposing steep tariffs on imports from Mexico and Canada for at least a month following discussions with their leaders. The leaders agreed to intensify efforts to curb the flow of drugs and migrants across their borders with the US. President Trump intends to engage in conversations with Chinese President Xi Jinping in the coming days. Alongside the tariffs, China implemented export controls on several key elements essential for producing modern high-tech products. These include tungsten, tellurium, bismuth, molybdenum, and indium, many of which are classified as critical minerals by the US Geological Survey. These minerals are considered vital to US economic and national security, and their supply chains are vulnerable to disruptions. These export controls supplement existing restrictions imposed by China in December on crucial elements like gallium, used in manufacturing. The Commerce Ministry also added two American companies to an 'unreliable entities' list: PVH Group, the owner of Calvin Klein and Tommy Hilfiger, and Illumina, a biotechnology company with operations in China. This listing prohibits them from participating in China-related import or export activities and prevents them from making new investments in the country
CHINA TARIFFS TRADE WAR GOOGLE ANTITRUST US WORLD TRADE ORGANIZATION
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