China responds strongly to US tariff policy

(CLO) On February 4, China announced tariffs on some imported goods from the US in quick response to new US tariffs on Chinese goods, escalating tensions in the confrontation between the world's two leading economies .

China announced it would impose a 15% tariff on coal and liquefied natural gas (LNG) from the US, along with a 10% tariff on crude oil, agricultural machinery and some cars, including trucks.

These measures are expected to take effect from February 10. Meanwhile, export controls on some important minerals, such as gallium and germanium, will also be applied. These minerals are essential for the production of electronic and military equipment.

In addition to tariffs, China has also launched an antitrust investigation into Google. At the same time, China has also added several US companies, including PVH Corp, the parent company of brands such as Calvin Klein, to its list of unreliable entities.

Illustration: Flickr

In response, US President Donald Trump said he may continue to increase tariffs on China. Financial markets reacted strongly to this announcement, with crude oil prices falling and major currencies such as the Chinese yuan losing value.

This is part of a long-running trade confrontation between the world's two largest economies, with additional Chinese tariffs in retaliation for US measures on Chinese goods.

This is not the first time the US and China have been at loggerheads over trade. Back in 2018, the US started a brutal trade war with China over China's trade surplus with the US.

Mr Trump's tariffs during that period had a major impact on global supply chains, and analysts predict that this trade war could drag on and cause more instability.

Hoai Phuong (according to SCMP, Reuters)

Source: https://www.congluan.vn/trung-quoc-dap-tra-lai-manh-me-chinh-sach-thue-quan-cua-my-post332968.html