
A potential trade war 2.0 could be setting off between China and the U.S. as China has responded to President Donald Trump’s 10% import tariff on ALL Chinese goods with tariffs of their own.
These tariffs include a 15% tariff on U.S. coal and a 10% tariff on crude oil, farm equipment, and select vehicles. In addition to that, numerous investigations into U.S. companies have been announced, with Alphabet Inc being the biggest of those targeted companies.
China hits back with tariffs on U.S. goods– japantoday.com
Source Link
Excerpt:
China on Tuesday slapped tariffs on U.S. imports in a swift response to new U.S. duties on Chinese goods, renewing a trade war between the world’s top two economies as President Donald Trump sought to punish China for not halting the flow of illicit drugs.
Trump’s additional 10% tariff across all Chinese imports into the U.S. came into effect at 12:01 a.m. on Tuesday.
Within minutes, China’s Finance Ministry said it would impose levies of 15% for U.S. coal and LNG and 10% for crude oil, farm equipment and some autos. The new tariffs on U.S. exports will start on Feb 10, the ministry said.
China also said it was starting an anti-monopoly investigation in Alphabet Inc’s Google, while including both PVH Corp, the holding company for brands including Calvin Klein, and U.S. biotechnology company Illumina on its “unreliable entities list”.
Separately, China’s Commerce Ministry and its Customs Administration said it is imposing export controls on tungsten, tellurium, ruthenium, molybdenum and ruthenium-related items to “safeguard national security interests”. China controls much of the world’s supply of such rare earths that are critical for the clean energy transition.