China has responded to Trump’s tariffs by imposing its own levies on U.S. imports, including a 15% duty on coal and LNG. An anti-monopoly investigation into Google has also been launched. Trump temporarily suspended tariffs on Mexico and Canada, while ongoing discussions with China are anticipated, despite economic tensions continuing to escalate globally.
China has countered U.S. President Trump’s latest tariffs by instituting its own levies on selected American goods. The additional 10% tariff on Chinese imports into the U.S. took effect early Tuesday morning. In retaliation, China has imposed tariffs including a 15% levy on U.S. coal and liquefied natural gas (LNG), along with 10% on crude oil and farm equipment.
In a broader strategy, China also initiated an anti-monopoly investigation into Google and placed U.S. companies like PVH Corp and Illumina on a potential sanctions list. Furthermore, Beijing imposed export controls on critical metals essential for technology and military applications. These new tariffs are set to officially begin on February 10, pending possible negotiations between Washington and Beijing.
Trump recently announced a temporary suspension of a planned 25% tariff on imports from Mexico and Canada for 30 days, following agreements on border enforcement measures. In contrast, his ongoing trade conflict with China remains intense, marked by previous tariffs and accusations surrounding China’s trade surplus. Analysts anticipate that further tariff hikes from the U.S. and countermeasures from China are likely as tensions escalate.
The ramifications of these trade disputes are being felt in the markets; crude oil prices dropped sharply, and Asian stocks showed volatility in response. The situation has raised concerns about a prolonged trade war, contrasting significantly with negotiations taking place with Canada and Mexico, which are expected to improve border security amid U.S. immigration concerns.
With ongoing talks in the air, Trump plans to discuss the situation with Chinese President Xi Jinping soon. While the U.S. is a minor supplier of crude and LNG to China, the global debate over tariffs continues to evolve, threatening international trade dynamics. EU leaders warn of possible retaliation against U.S. tariffs, emphasizing the need for diplomatic dialogue.
This article highlights the most recent developments in the ongoing trade conflict between the U.S. and China, focusing on the tariffs imposed by both nations. The background of this tension includes Trump’s earlier initiation of a trade war due to concerns over China’s trade practices and drug trafficking into the U.S. Amidst global trade implications, negotiations with other countries also play a crucial role, impacting economic relationships.
The ongoing tariffs imposed by both the U.S. and China illustrate the continuing tensions between the two largest economies in the world. While the trade war has prompted some countries to strengthen border enforcement and negotiate trade terms, the markets remain uncertain, and further tariff changes are expected. Diplomatic discussions are crucial for potentially alleviating trade tensions and stabilizing economies globally.
Original Source: www.hindustantimes.com
