China’s tariffs on US goods take effect today
The new US President Donald Trump has taken charge and started a kind of trade war. He is imposing tariffs on everyone, both enemies and allies. Amid Trump’s threat to impose tariffs on China, China has imposed tariffs on some US products. It will be effective from Monday. This information is known from a report by the British media BBC.
The report says that Beijing made this announcement on February 4 after the US imposed a 10 percent tax on all Chinese products. The trade war between the world’s two largest economies may cause instability in the global economy.
Trump said on Sunday that he would impose a 25 percent tariff on all steel and aluminum imports into the United States. A full announcement on this matter may come on Monday. Before that, the Chinese tariffs took effect.
Trump said that he plans to impose tariffs on some more countries. However, he did not specify which countries will be his targets in this case.
China has recently imposed tariffs on a number of US goods, including a 15% import tax on coal and liquefied natural gas. It has also imposed 10% tariffs on US crude oil, agricultural machinery and heavy-duty vehicles.
China has also imposed tariffs on 25 types of rare earth metals, which are used as key components in many electrical and military products. Last week, Chinese authorities launched an antitrust investigation into tech giant Google. They also added PVH, the US owner of designer brands Calvin Klein and Tommy Hilfiger, to a list of so-called “unreliable entities”.
Donald Trump announced a 25% tariff on steel and aluminium imports into the US, days after reaching an agreement to avoid 25% tariffs on Canada and Mexico. He took similar steps during his first term as president. But he later granted duty-free quotas to some trading partners, including Canada, Mexico and Brazil.
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