Retaliation tariffs on US goods worth 14 billion in China are currently in effect – FirstPost

China’s retaliation tariffs on $14 billion in US goods currently in effect

Compared to the threat of President Donald Trump’s tariffs, China has imposed retaliatory tariffs on approximately $14 billion worth of US goods, expanding the trade war between the two largest economies in the world, reported the Financial Times.

Beijing announced its tariff plans on February 4th after a 10% new US tax on all Chinese products became effective. Trump has called these tariffs the “opening salvo” in a new trade attack on China.

Unlike blanket tariffs imposed by the US, China measures range from 10% to 15% tax (10% to 15% tax) including liquefied natural gas, coal, crude oil, agricultural equipment and certain automotive products. ) is targeting target American exports. Analysts see Beijing’s approach, leaving room for potential negotiations to prevent a wider trade war.

However, by the deadline on Sunday, an agreement had not been reached. According to the report, the Chinese Embassy in Washington confirmed that tariffs came into effect on Monday (11am on Sunday) (11am on Sunday).

Starting February 10th, China will impose a 15% border tax on US coal and liquefied natural gas imports, along with a 10% tariff on US crude oil, agricultural machinery and heavy engine vehicles.

Last week, the state administration for market regulation in Beijing said the US technology giant “is suspected of violating the Republic of China’s anti-monopoly law.” As a result, “we have “begun to investigate Google in accordance with the law,” the administration said in a statement.

Many of the US high-tech behemoth core search engines and their services are blocked in mainland China, where US Internet Titans have struggled to do business for a long time for “great firewalls” blocking politically sensitive content It’s been done.

Last month, Trump warned that a surge in protectionist policies could hit investments and disrupt supply chains, according to the International Monetary Fund, which stated, “resolve disagreements and enable trade.” To find a way.”

Capital Economics, a UK-based research firm, has reportedly received approximately 200 additional Chinese tariffs compared to $450 billion worth of Chinese products, which are eligible for Trump fees, which took effect at 12:01am on Tuesday. It estimated it would be applied to billions of dollars of annual imports. (0501 GMT).

Is that the beginning of a trade war?

On Friday, Trump announced plans to introduce “mutual tariffs” to other countries in the coming days to restructure US global trade ties. He didn’t specify which countries would be targeted, but he suggested it was a broad effort that could also address US budget concerns.

“This can be a very bad situation,” said Zhang Yanshen, an expert at the Centre for International Economic Exchange. “This is just the beginning of this phase of the trade war,” they added.

Trump rushed on Tuesday to try to ease the new trade war between Chinese President Xi Jinping and the two biggest economies of the world, sparked by clearing up 10% tariffs on all Chinese imports. He said he was trying to talk about it.

Trump administration officials also reiterated that they hope to stop the fatal drug flow in China. The Beijing-based expert doesn’t think so.

“Fentanyl is an easy problem to deal with. China is already working with the US on this,” said Professor John Gong of the International University of Business and Economics. “So Trump probably wants more of something that they can’t talk about publicly.”

This could be, for example, pushing China to put pressure on Russia.

Chinese experts said it would be difficult for Beijing to reach a “magnificent bargain” on a short deadline. Especially on troublesome subjects such as the Ukrainian War, where the US accused China of helping Russia.

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