BEIJING: Beijing imposed tariffs on certain American imports, including fuels, in response to U.S. trade measures. These new duties were announced Tuesday.
Tax Details
China’s Ministry of Finance placed a 15% tax on some coal and liquefied natural gas imports. A 10% tariff now applies to crude oil, agricultural machinery, large-displacement cars, and pickup trucks. These measures take effect on February 10.
Export Restrictions
China’s Ministry of Commerce introduced export controls on key raw materials. Tungsten-related materials used in industry and defense are now restricted. Tellurium-linked materials, crucial for solar cell production, also face limitations.
U.S. Tariffs
The White House imposed a broad 10% tariff on Chinese imports. These measures, announced Saturday, officially took effect this week.
Beijing’s Response
China strongly criticized the new U.S. tariffs in a statement Sunday. Officials vowed to protect the nation’s economic interests.
Trade Complaint
China plans to file a complaint with the World Trade Organization. Officials argue that the U.S. actions violate international trade agreements.
Countermeasures Planned
Beijing promised to take additional steps to counteract the economic impact of U.S. tariffs. The government aims to shield domestic industries.
Ongoing Tensions
U.S.-China trade relations remain tense. Both nations continue imposing new tariffs and restrictions, deepening economic uncertainty.
Global Impact
Businesses worldwide worry about further disruptions. Investors and industries are monitoring potential effects on supply chains and market stability.
Uncertain Future
More trade actions may follow. The escalating dispute between the U.S. and China adds uncertainty to the global economy.
