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China retaliates with tariffs on U.S. products following 10% U.S. tariff


China immediately retaliated with its own tariffs following the implementation of a 10% U.S. tariff on all Chinese goods. Beijing announced additional tariffs of 15% on coal and liquefied natural gas, as well as 10% on crude oil, agricultural machinery, large-displacement automobiles, and pickup trucks. The Chinese government criticized the U.S. actions as a violation of World Trade Organization rules and pledged to safeguard its legitimate rights and interests.

In response, China also announced an investigation into Google for alleged anti-trust violations and imposed export controls on rare earth elements. Illumina and PVH Corp. were added to a restricted “unreliable entity list,” and mainland Chinese markets remained closed for the Lunar New Year holiday.

The U.S. tariffs were related to border security concerns and the flow of fentanyl into the country. President Trump mentioned that the tariffs were an opening salvo, suggesting that they could increase substantially if a deal with China is not reached. Both countries accused each other of contributing to the fentanyl issue.

China’s targeted retaliation with tariffs and export controls highlights the tense trade relations between the two countries despite efforts to negotiate with other trade partners like Canada, Mexico, and Colombia. The two sides are at risk of escalating a trade war that could have significant implications for the global economy and supply chains.

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