China and Canada impose retaliatory tariffs on the US.

Beijing retaliated when the 20% import tariffs imposed by the US on Chinese goods officially took effect. Canada also imposed 25% tariffs in retaliation against the US.

Nanjing Port in Jiangsu Province, China - Photo: AFP

On March 4th, China swiftly announced retaliatory tariffs against the US, increasing import tariffs by 10-15% on a range of US agricultural and food products, along with placing 25 US companies under export and investment restrictions.

At approximately 12 PM on March 4th (Vietnam time), the additional 10% tariff on Chinese goods, previously announced by US President Donald Trump, officially took effect, bringing the cumulative import tariffs imposed by Washington on products from Beijing to 20%.

In a retaliatory move, China announced it would impose an additional 15% tariff on imported chicken, wheat, corn, and cotton from the United States, as well as a 10% tariff on soybeans, sorghum, pork, beef, seafood products, fruits, vegetables, and dairy products from Washington, effective March 10, according to a statement from the Chinese Ministry of Commerce.

"The U.S.'s unilateral tariff measures seriously violate the rules of the World Trade Organization and undermine the foundation of economic and trade cooperation between China and the U.S.," the Chinese Ministry of Commerce stated in another communiqué.

"China will firmly defend its legitimate rights and interests," the ministry added.

According to economic experts, tariff increases between countries can raise consumer prices, along with impacts on economic growth and employment.

Asian stock markets on March 4th recorded a downward trend, with Japan's Nikkei index falling more than 2%, and Hong Kong's Hang Seng index dropping 1.5%.

Meanwhile, the U.S.-China Business Council, a group of 270 American companies doing business in China, warned that tariffs would negatively impact American businesses, consumers, and farmers, as well as "undermine the global competitiveness" of these companies.

"Any imposition of tariffs should be strategic and targeted, focusing on specific U.S. national security objectives and China's unfair economic practices," Sean Stein, president of the U.S.-China Business Council, told AFP.

Canada imposes 25% tariffs in retaliation against the US.

On the evening of March 3 (Canadian time), Canadian Prime Minister Justin Trudeau also announced retaliation against the US tariffs. Specifically, Ottawa will impose a 25% tariff on $30 billion worth of Canadian goods from the US starting March 4. After 21 days, they will further impose a 25% tariff on $125 billion worth of US goods.

The products subject to tariffs include orange juice, peanut butter, wine, beer, coffee, household goods, clothing, shoes, motorcycles, cosmetics, wood pulp, paper, etc.

Source: https://tuoitre.vn/trung-quoc-canada-ap-thue-tra-dua-my-20250304133120551.htm