China retaliated against US tariffs on Chinese imports with its own tariffs on American goods and export controls on key raw materials. The move escalates trade tensions between the two economic giants.
Beijing retaliated against the Trump administration's imposition of 10 percent tariffs on Chinese imports into the United States by announcing tariffs on certain American imports, including fuels, and export controls on several raw materials. The fresh duties, announced by China’s Ministry of Finance, levy a 15 percent tax on certain types of coal and liquefied natural gas and a 10 percent tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks.
These measures take effect on February 10. The Ministry of Commerce also announced a list of new export controls, including tungsten-related materials, typically used in industrial and defense applications, as well as materials linked to tellurium, which can be used to make solar cells. This announcement comes as a broad-based 10 percent tariff on Chinese imports to the United States, announced by the White House on Saturday, came into effect. Beijing slammed the tariffs in a statement Sunday and vowed to “resolutely defend its rights” by filing a complaint with the World Trade Organisation and taking “corresponding countermeasures”. In a statement Tuesday, China’s commerce ministry confirmed that it had brought the Trump administration’s tariff measures to the WTO dispute settlement mechanism. “The US practice seriously undermines the rules-based multilateral trading system, undermines the foundation of economic and trade cooperation between China and the United States, and disrupts the stability of the global industrial chain and supply chain,” the ministry said.
CHINA UNITED STATES TARIFFS TRADE WAR WTO
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