China retaliated immediately in response to the U.S. imposing a 10% tariff on all Chinese goods by announcing its own levies of 10% to 15% on some U.S. products, effective Feb. 10. The Chinese government imposed additional tariffs on coal, liquefied natural gas, crude oil, machinery, automobiles, and pickup trucks. This escalation in tariffs raises concerns of a trade war between the two largest economies in the world. China criticized the U.S. tariff hike, claiming it violates World Trade Organization rules and disrupts economic cooperation between the two countries. In response to the tariff, China announced an investigation into Google for anti-trust violations, export controls on rare earth elements, and restrictions on companies like Illumina and PVH Corp.
President Trump paused 25% tariffs on goods from Canada and Mexico, but the U.S.-China tariff remained in effect. Talks are expected between Trump and Chinese leader Xi Jinping, but no deal has been reached yet. Mainland Chinese markets are currently closed for the Lunar New Year holiday. China has referred the U.S. tariff measures to the World Trade Organization and is considering a lawsuit to garner international support against the tariffs. China criticized the U.S. for undermining the multilateral trading system and damaging Sino-U.S. economic cooperation.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
