In a significant move in the ongoing trade war, China has announced retaliatory tariffs on US coal and natural gas imports, joining a broader list of US goods facing new taxes as tensions between the two economic powers continue to rise.
China Imposes New Tariffs on US Coal and Gas Amid Ongoing Trade Dispute
China Imposes New Tariffs on US Coal and Gas Amid Ongoing Trade Dispute
China responds to US tariffs with new taxes on coal and gas as trade tensions escalate.
China has introduced new tariffs on US imports, targeting coal and liquefied natural gas with a 15% tax, alongside a 10% tariff on crude oil, agricultural machinery, and various vehicles. This announcement comes in retaliation to President Donald Trump’s recent decision to impose a 10% tax on a wide range of Chinese goods. China plans to enforce these new tariffs starting Monday, highlighting the escalating conflict over trade policies.
The Chinese government has expressed its grievances to the World Trade Organization (WTO), accusing the US of violating international trade laws. President Trump justified the tariffs as necessary measures to address the trade imbalance and combat the importation of fentanyl-related substances from China, a claim that has been met with skepticism from Beijing.
In addition to the tariffs, China has broadened its blacklist of US companies it deems "unreliable," with recent additions including major fashion retailer PHV Corp and biotech firm Illumina. The Chinese Ministry of Commerce cited "discriminatory practices" as the justification for these listings, which could result in sanctions such as fines or revocation of work visas.
Further retaliatory efforts include plans to limit exports of 25 essential minerals from China, crucial for various industries, including aeronautics and renewable energy. The Chinese government has also initiated an investigation into Google over perceived antitrust violations, even as the tech giant's services remain blocked in the country.
As these trade disputes escalate, both nations have implemented tariffs impacting hundreds of billions of dollars in goods, exacerbating uncertainty in international markets. Meanwhile, President Trump has paused a planned increase in tariffs on imports from Mexico and Canada, following pledges from those nations to bolster border security and address fentanyl trafficking concerns.
With significant economic interdependence, the actions of both China and the US have the potential to profoundly influence global trade dynamics, causing companies to rethink future investments and operations in the current climate of unpredictability.
The Chinese government has expressed its grievances to the World Trade Organization (WTO), accusing the US of violating international trade laws. President Trump justified the tariffs as necessary measures to address the trade imbalance and combat the importation of fentanyl-related substances from China, a claim that has been met with skepticism from Beijing.
In addition to the tariffs, China has broadened its blacklist of US companies it deems "unreliable," with recent additions including major fashion retailer PHV Corp and biotech firm Illumina. The Chinese Ministry of Commerce cited "discriminatory practices" as the justification for these listings, which could result in sanctions such as fines or revocation of work visas.
Further retaliatory efforts include plans to limit exports of 25 essential minerals from China, crucial for various industries, including aeronautics and renewable energy. The Chinese government has also initiated an investigation into Google over perceived antitrust violations, even as the tech giant's services remain blocked in the country.
As these trade disputes escalate, both nations have implemented tariffs impacting hundreds of billions of dollars in goods, exacerbating uncertainty in international markets. Meanwhile, President Trump has paused a planned increase in tariffs on imports from Mexico and Canada, following pledges from those nations to bolster border security and address fentanyl trafficking concerns.
With significant economic interdependence, the actions of both China and the US have the potential to profoundly influence global trade dynamics, causing companies to rethink future investments and operations in the current climate of unpredictability.
