Today, Beijing announced a comprehensive set of economic measures directed at the United States in retaliation to President Donald Trump’s 10% tariff on Chinese imports.
The new tariffs, unveiled by China’s Ministry of Finance, impose a 15% tax on coal and liquefied natural gas, alongside a 10% tariff on crude oil, agricultural machinery, large-engine vehicles, and pickup trucks.
These measures are set to take effect on February 10 and are expected to impact various sectors, potentially escalating tensions between the two nations.
In a statement today, China’s commerce ministry said, “The US practice seriously undermines the rules-based multilateral trading system, undermines the foundation of economic and trade cooperation between China and the United States, and disrupts the stability of the global industrial chain and supply chain.”
In addition to these tariffs, the Ministry of Commerce and China’s customs administration have enacted immediate export restrictions on more than two dozen metal products and associated technologies. The list features tungsten, a vital mineral used in both industrial applications and defense, as well as tellurium, which plays a crucial role in solar cell manufacturing. China is currently the leading global producer of tungsten concentrates, representing over 80% of world production.
Experts believe that these retaliatory measures could deepen the ongoing trade conflict, affecting global supply chains and lead to increased prices for consumers on both sides.
By CEO NA Editorial Staff
