China imposed tariffs on US goods, escalating trade tensions between the two countries. The move came after the US implemented tariffs on its own, raising concerns about a global trade war.
Beijing retaliated against US tariffs with its own set of import duties on a range of American goods, escalating tensions between the world's two largest economies. The Chinese government announced tariffs of 10% to 15% on US coal, liquefied natural gas, crude oil, pickup trucks, and other products shortly after the US tariffs took effect.
Starting February 10th, China will impose a 15% tariff on coal and liquefied natural gas, and a 10% tariff on crude oil, agricultural machinery, large-displacement automobiles, and pickup trucks. This move comes just minutes after the US tariffs, the only ones to proceed after President Trump's attempt to avert a trade war with China failed. The failure to forestall tit-for-tat tariffs raises the risk of a spiraling trade war between the world’s two biggest economies. The Chinese government condemned the unilateral tariff hike by the US, stating that it seriously violates World Trade Organization rules, does nothing to solve its own problems, and undermines normal US-China economic and trade cooperation. In addition to the tariffs, Beijing has also launched an investigation into Google for alleged anti-trust violations and announced export controls on items related to tungsten and other rare earth elements. While the US reached a temporary agreement with Mexico and Canada to delay tariffs on goods from those countries, no such deal appears to have been struck with China. Mainland Chinese markets remain closed for the Lunar New Year holiday, while other Asia-Pacific markets saw gains earlier Tuesday on news that the Canadian and Mexican tariffs had been put on hold. Beijing has stated that it has referred the US tariff measures to the World Trade Organization to safeguard its legitimate rights and interests. China's commerce ministry has called the US approach a severe undermining of the rules-based multilateral trading system, damaging the foundation of Sino-U.S. economic and trade cooperation, and disrupting the stability of global industrial and supply chains
CHINA TRADE WAR TARIFFS US WORLD TRADE ORGANIZATION ECONOMICS
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