TRADE WAR: China Slams US With 15 Percent Tariff On Coal, Liquefied Natural Gas As Retaliation Against Trump

 

China has retaliated against US by imposing 15 percent tariff on coal and liquefied natural gas.

 

The development comes after President Trump recently announced a 10 percent tariff on Chinese imports into the US came into effect at 12:01 am ET on Tuesday (05:01 GMT) as punishment for not halting the flow of illicit drugs.

 

In reaction, China’s Finance Ministry on Tuesday said it would impose levies of 15% for US coal and LNG and 10% for crude oil, farm equipment, and some autos. The new tariffs on US exports will start on 10 February, the ministry said.

 

In another move against the US, China’s Commerce Ministry and its Customs Administration said the country is imposing export controls on tungsten, tellurium, ruthenium, molybdenum, and ruthenium-related items to “safeguard national security interests.”.

 

China also announced a probe into Google moments after a deadline for the US imposing a 10% tariff on Chinese goods passed, restarting a trade war between the world’s two largest economies.

 

China will investigate the US tech company for alleged antitrust violations, according to a brief statement from the State Administration for Market Regulation.

 

This comes as, in the past days, Trump has dished out a series of tariff threats.

 

Recall that Trump on Monday suspended his threat of 25% tariffs on Mexico and Canada at the last minute, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.

 

While Trump’s broker trade talks with Canada, there was no such reprieve for China, and a White House spokesperson said Trump would not be speaking with Chinese President Xi Jinping until later in the week.

 

China, on Tuesday, in a retaliatory move, slammed the Donald Trump-led United States with a 15 percent tariff on coal and liquefied natural gas.

 

The development has sparked a fresh trade war between the US and China.

 

This comes as President Trump recently announced a 10 percent tariff on Chinese imports into the US came into effect at 12:01 am ET on Tuesday (05:01 GMT).

 

In reaction, China’s Finance Ministry on Tuesday said it would impose levies of 15% for US coal and LNG and 10% for crude oil, farm equipment, and some autos. The new tariffs on US exports will start on 10 February, the ministry said.

 

Tuesday slapped tariffs on US imports in a rapid response to new US duties on Chinese goods, renewing a trade war between the world’s top two economies as President Donald Trump sought to punish China for not halting the flow of illicit drugs.

In another move against the US, China’s Commerce Ministry and its Customs Administration said the country is imposing export controls on tungsten, tellurium, ruthenium, molybdenum, and ruthenium-related items to “safeguard national security interests.”.

 

China also announced a probe into Google moments after a deadline for the US imposing a 10% tariff on Chinese goods passed, restarting a trade war between the world’s two largest economies.

 

China will investigate the US tech company for alleged antitrust violations, according to a brief statement from the State Administration for Market Regulation.

 

This comes as, in the past days, Trump has dished out a series of tariff threats.

 

Recall that Trump on Monday suspended his threat of 25% tariffs on Mexico and Canada at the last minute, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.

 

While Trump’s broker trade talks with Canada, there was no such reprieve for China, and a White House spokesperson said Trump would not be speaking with Chinese President Xi Jinping until later in the week.