China's tit-for-tat tariffs on US take effect
China's tit-for-tat import taxes on some American goods are coming into effect on Monday, as the trade war between the world's two biggest economies escalates and US President Donald Trump threatens to hit more countries with tariffs
China's tit-for-tat tariffs on US take effectChina's tit-for-tat import taxes on some American goods are coming into effect on Monday, as the trade war between the world's two biggest economies escalates and US President Donald Trump threatens to hit more countries with tariffsBeijing announced the plan on 4 February, minutes after new US levies of 10% on all Chinese products came into effect.On Sunday, Trump said he would impose a 25% tariff on all steel and aluminium imports into the US, with a full announcement to come on Monday.
Speaking to reporters on Air Force One en route to the Super Bowl, he also said he was planning reciprocal tariffs on other nations - but did not specify which ones would be targeted.China's latest tariffs on US goods include a 15% border tax on imports of US coal and liquefied natural gas products. There is also a 10% tariff on American crude oil, agricultural machinery and large-engine cars.
Last week, Chinese authorities launched an anti-monopoly probe into technology giant Google, while PVH, the US owner of designer brands Calvin Klein and Tommy Hilfiger, was added to Beijing's so-called "unreliable entity" He introduced similar measures during his first term as president, imposing 25% tariffs on steel and 10% on aluminium, but later granted several trading partners duty-free quotas - including Canada, Mexico and Brazil.
The EU import taxes were not resolved until the Biden administration took over the White HousThere was no mention on Sunday of which countries, if any, would be granted similar exemptions if these new tariffs are implemented in the following dayHis intention to implement reciprocal tariffs would fulfil an election campaign pledge to levy tariffs at the same rates that are imposed on US good
He also said import taxes for vehicles remained on the table after reports he was considering exemptions to universal tariffTrump has repeatedly complained that European Union (EU) tariffs on imports.
