China on Tuesday responded quickly to new US duties on US imports, and the world’s top two economy as President Donald Trump tried to punish China for not stopping the flow of illegal drugs. The trade war between the two countries has been updated.
Trump’s additional 10% tariffs on all Chinese imports into the US came into effect on Tuesday (0501 GMT) at 12:01 am (0501 GMT).
Within minutes, China’s Treasury Department said it would tax US coal and LNG at 15% and crude oil, agricultural equipment and some vehicles at 10%. New tariffs on US exports will begin on February 10, the department said.
Separately, China’s Ministry of Commerce and its Customs Bureau imposed export controls on tungsten, tellurium, ruthenium, molybdenum and ruthenium-related items to “protect national security interests.” Was stated.
Trump on Monday agreed to a 30-day suspension of 25% tariff threats in Mexico and Canada at the very end, and in return for concessions with the border and criminal enforcement with two neighboring countries.
However, China did not have that resignation, and a White House spokesman said Trump hadn’t spoken with Chinese President Xi Jinping until the second half of the week.
During his first term in 2018, Trump launched a brutal two-year trade war with China over the US’s massive trade surplus. economy.
To end that trade war, China agreed to spend $200 billion a year on US goods in 2020, but according to Chinese customs data released last month, the plan was derailed by Covid Pandemic The annual trade deficit has expanded to $361 billion.
“The trade war is at an early stage, so there is a high chance of further tariffs,” Oxford Economics said in a memo as it downgraded China’s economic growth forecast.
Trump warned that it could further increase Chinese tariffs unless Beijing creates a fatal opioid fentanyl flow to the United States.
“We hope China will stop sending fentanyl to us. Otherwise, tariffs will be significantly higher,” he said Monday.
China has called out the issue of Fentanyl America, which challenged the World Trade Organization’s tariffs and said it would not only take other measures, but would leave the door open for consultation.
MNA/