The ongoing trade war between the United States and China is heating up as the U.S. has recently announced a new set of tariffs targeting Chinese imports. Citing concerns over the influx of fentanyl and other issues, the U.S. has imposed a 10-percent tariff on goods originating from the Chinese mainland.
In response, China hasn’t taken the situation lightly. The Ministry of Commerce decries the U.S. move as a violation of World Trade Organization (WTO) rules and an act of unilateral trade protectionism. To counteract these measures, China has filed a case with the WTO and is implementing a series of retaliatory tariffs on American products.
Starting February 10, the State Council Tariff Commission will roll out new duties, including a 15-percent tariff on coal and liquefied natural gas. Additionally, a 10-percent tariff will be applied to crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks. These retaliatory measures are set to impact various sectors of the American economy.
Despite the growing trade barriers, China's exports to the U.S. remain significant, reaching approximately $524.7 billion in 2024. Major export categories such as electrical machinery, textiles, base metals, plastics, and transport equipment are expected to be the most affected by the renewed tariff dispute. Entrepreneurs, businesses, and consumers across both nations are closely monitoring the developments as the global economic landscape continues to evolve.
Reference(s):
cgtn.com
