China imposed retaliatory duties on American goods
Economy
China responded to new US trade sanctions by imposing additional duties on American imports. This move resumed tensions between the world's two largest economies, as US President Donald Trump seeks to punish Beijing for its lack of measures to combat drug smuggling.
From 12:01 eastern time on February 4, 10% duties on all Chinese exports came into force in the USA. In response, the Chinese Ministry of Finance announced that from February 10, tariffs will be introduced at 15% for American coal and liquefied natural gas (LNG), as well as 10% for crude oil, agricultural machinery and cars.
In addition, China announced export controls for strategically important rare earth elements, including tungsten, tellurium, rutenium, and molibden, which could affect global supplies of these critically important materials.
Meanwhile, Trump suspended the introduction of 25% tariffs against Mexico and Canada for 30 days. However, such a delay did not follow for China, and the White House representative said that the US president does not plan to hold talks with Chinese President Xi Jinping until the end of the week.
Against the backdrop of escalating trade conflicts, Trump also warned that his next target could be European countries, but the details of possible measures have not yet been disclosed.
In addition, China announced export controls for strategically important rare earth elements, including tungsten, tellurium, rutenium, and molibden, which could affect global supplies of these critically important materials.
Meanwhile, Trump suspended the introduction of 25% tariffs against Mexico and Canada for 30 days. However, such a delay did not follow for China, and the White House representative said that the US president does not plan to hold talks with Chinese President Xi Jinping until the end of the week.
Against the backdrop of escalating trade conflicts, Trump also warned that his next target could be European countries, but the details of possible measures have not yet been disclosed.
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