Beijing, Feb. 4. China on Tuesday imposed tariffs on some US imports. With this move by Beijing, a trade war between the world’s two largest economies began.
Earlier, an additional 10% tariff on all Chinese imports to the US came into effect from 00:01 ET (05:01 GMT) on Tuesday.
China’s Finance Ministry retaliated and announced that it would impose tariffs of 15% on US coal, liquefied natural gas (LNG), 10% on crude oil, agricultural equipment, and some automobiles.
In addition, China’s Ministry of Commerce and its Customs Administration said that the country is imposing export controls on goods related to tungsten, tellurium, ruthenium, molybdenum, and ruthenium to ‘protect national security interests’.
China also announced an investigation of Google. According to a brief statement from the State Market Regulation Administration, China will investigate alleged antitrust violations against the US technology company.
Earlier on Monday (January 3), Trump postponed the decision to impose 25% tariffs on Mexico and Canada at the last minute. However, no such relief was given to China from the US side.
Mexican President Claudia Sheinbaum announced on Monday that she and Trump had reached an agreement to pause tariffs for 30 days. Mexico has agreed to send 10,000 National Guard members to the border. Later the same day, Canadian Prime Minister Justin Trudeau said he had spoken with Trump at the last minute. Canada agreed to strengthen its border in exchange for a 30-day halt on tariffs.
Let us tell you that Mexico and Canada had announced to impose retaliatory tariffs in return for US tariffs.
Let us tell you that US President Donald Trump signed an executive order on Saturday (February 1), imposing a 25% tariff on goods coming from Mexico. A 25% tariff was also imposed on goods coming from Canada, but only 10% tariff was announced on Canadian energy resources. This order also talked about a 10% tariff on imports from China.
The US President said that this step has been taken due to his concerns about illegal immigration and drug smuggling. The Republican leader had made these two main issues the basis of his election campaign.
