Today, Tuesday China announced it would impose new tariffs on U.S. imports in retaliation for Washington’s recent tariff hike. The new measures include a 15% tariff on coal and liquefied natural gas, as well as 10% tariffs on crude oil, agricultural machinery, large vehicles, and pickup trucks.
These actions come after the U.S. imposed a 10% tariff on Chinese goods over the weekend.
On Saturday, President Donald Trump unveiled a series of tariff increases targeting major trade partners, including China, Canada, and Mexico. The measures add a 10% tariff on top of the existing duties. Trump framed the tariffs as a way to punish countries he says have failed to stem the flow of illegal migrants and drugs into the U.S.
China imposed targeted tariffs on American imports on Tuesday and put several U.S. companies, including Google, on notice for possible sanctions, in a measured response to the sweeping duties on Chinese imports imposed by President Donald Trump.
Beijing’s limited reply to Trump’s imposition of a 10% tariff on all Chinese imports underscored the attempt by Chinese policymakers to engage Trump in talks to avert an outright trade war between the world’s two largest economies.
As tensions rise between the world’s largest economies, the global economic landscape remains uncertain, with potential consequences for both businesses and consumers.
