(CLO) On February 4, China announced tariffs on some imported goods from the US in quick response to new US tariffs on Chinese goods, escalating tensions in the confrontation between the world's two leading economies .
China announced it would impose a 15% tariff on coal and liquefied natural gas (LNG) from the United States, along with a 10% tariff on crude oil, agricultural machinery and some cars, including trucks.
These measures are expected to take effect on February 10. Meanwhile, export controls on certain critical minerals, such as gallium and germanium, are also in place. These minerals are essential for the production of electronic and military equipment.
In addition to tariffs, China has also launched an antitrust investigation into Google. At the same time, China has also placed several U.S. companies, including PVH Corp., the parent company of brands like Calvin Klein, on its list of unreliable entities.
Illustration: Flickr
In response, US President Donald Trump said he may further increase tariffs on China. Financial markets reacted strongly to the announcement, with crude oil prices falling and major currencies such as the Chinese yuan falling in value.
It is part of a long-running trade war between the world's two largest economies, with China imposing additional tariffs in retaliation for US measures on Chinese goods.
This is not the first time the US and China have been at loggerheads over trade. Back in 2018, the US started a brutal trade war with China over China's trade surplus with the US.
Mr Trump's tariffs during that period had a major impact on global supply chains, and analysts predict that this trade war could drag on and cause more instability.
Hoai Phuong (according to SCMP, Reuters)
Source: https://www.congluan.vn/trung-quoc-dap-tra-lai-manh-me-chinh-sach-thue-quan-cua-my-post332968.html
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