China retaliates with tariffs on US goods after Trump’s move | Business and Economy News

Developing StoryDeveloping Story,

China Will Impose Tariffs of 15 Percent on Imports of Coal and Lng from the US in Retaliation for Washington’s 10 percent levies on Chinese Goods.

China Will Impose Tariffs of 15 Percent on Imports of Coal and Liquefied Natural Gas from the United States, in Retaliation for Washington’s 10 percent levies on Chinese Goods.

China’s Ministry of Finance also announced on tuesday that there will be 10 percent tariffs on imports from the us of crude oil, Agricultural machinery, large-displacement vehicle and pick-up trucks.

The new measures were in response to the “Unilateral tariff hike” by the US, it said, adding that Washington’s decision “Seriously Violates World Trade Organization Rules, does nothing to resolve its own problems, and disrupts normal Economic and Trade Cooperation Betwe China and The United States ”.

Beijing’s Tariffs, which come into force next Monday, were announced shortly after Trump said he would hold a call with president Xi Jinping in the next 24 hours.

On Saturday, US President Donald Trump Announced Sweeping Measures Against Major Trade Partners including Canada and Mexico, With Goods from China Facing an additional 10 percent tariff on top of the duties they already endure.

Trump said the measures aimed to punish countries for failing to stop flows of undocided migrants and drugs including fentanyl into the US.

However, on Monday, he suspended his threat of tariffs on mexico and canada, agriING to a 30-day pause in return for concessions on border and crime enforcement with the neighboring country.

During his first term in 2018, Trump initiated a Brutal Two-Year Trade War with China Over Its Massive US Trade Surplus, With Tit-For-Tat Tariffs on Hunners of Billions of Dollars Worth of Goods Upending Global Supply Chains and Damaging the World Economy .

To end that trade war, China Agreed in 2020 to spend an extra $ 200bn a year on us goods but the plan was derailed by the covid pandemic and its annual trade deficit had deficit to $ 361bn, according to Chinese customs data released last month.

Trump warned he might increase tariffs on China further unless beijing voting the flow of fentanyl, a deadly opioid, into the us.

China has called Fentanyl America’s problem and said it would challenge the tariffs at the world trade organization and take other countermeasures, but also left the door for talks.