China Imposes Retaliatory Tariffs on US Goods
China has announced new tariffs on a range of US products, effective February 10, 2025. The move comes in response to the US government's decision to impose a 10% tariff on all Chinese goods exported to the US.
Tariffs Imposed:
* 15% tariff on coal and liquefied natural gas
* 10% tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks
Specific Goods Affected:
Details of the goods subject to the new tariffs are provided in two annexes:
* Annex 1: Goods subject to 15% tariff increase (8 items)
* Annex 2: Goods subject to 10% tariff increase (72 items)
Impact:
China's retaliatory tariffs are expected to further escalate trade tensions between the two countries. The US has threatened additional tariffs if China does not address concerns over fentanyl and other issues.
Background:
The ongoing trade dispute between the US and China has already resulted in tariffs on hundreds of billions of dollars worth of goods. The latest round of tariffs is seen as a significant escalation of the conflict.