Tuesday, February 4, 2025
Year : 2, Issue: 23/strong>
Reuters: China on Tuesday slapped tariffs on some US imports in a swift response to new US duties on Chinese goods, renewing a trade war between the world’s top two economies even as President Donald Trump offered reprieves to Mexico and Canada.
Additional 10% tariff across all Chinese imports into the US came into effect at 12:01 a.m. ET on Tuesday (0501 GMT) after Trump repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.
Within minutes, China’s Finance Ministry said it would impose levies of 15% for US coal and LNG and 10% for crude oil, farm equipment and some autos.
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 US biotechnology company Illumina on its “unreliable entities list”.
Separately, China’s Commerce Ministry and its Customs Administration said it is imposing export controls some rare earths and metals that are critical for hi-tech gadgets and the clean energy transition.
China’s new tariffs on the targeted US exports will start on Feb. 10, the ministry said, giving Washington and Beijing some time to try and reach a deal. Trump plans to speak to Chinese President Xi Jinping later in the week, a White House spokesperson said.
Trump on Monday suspended his threat of 25% tariffs on Mexico and Canada at the last minute, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.
China has called fentanyl America’s problem and said it would challenge the tariffs at the World Trade Organization and take other countermeasures, but also left the door open for talks.
