China Announces Retaliatory Tariffs on US Products
In response to the US imposition of a 10% tariff on Chinese goods, China has imposed new tariffs on a range of US products.
Details of Chinese Tariffs:
* 15% tariff on coal and liquefied natural gas
* 10% tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks
The tariffs will take effect on February 10, 2025, and will apply to all imports of the specified goods from the United States. The tariffs are in addition to the existing tariffs already in place on US goods.
China alleges that the US tariff increase violates World Trade Organization rules and undermines economic cooperation between the two countries. The move is likely to further escalate trade tensions between the US and China.