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China is supposed to impose tariffs on a swath of US imports and has opened a cartel examination in Google because it will be contradictory against Donald Trump’s impression of an additional 10 percent tariff to its exports.
China Unveiled tariffs between 10 and 15 percent on the US liquefied gas, coal, crude oil and agricultural devices and said they would come into force on February 10th.
Beijing also said it would Impose a few automobile exports tariffs from the USA and announced additional export controls for rare metals.
The measures came when Trump’s new taxes in China came into force in Washington after midnight on Tuesday and started a second round of the trade war between the two countries that began during his first term of the president.
Trump is expected to speak to China’s President Xi Jinping in the coming days, which causes hope to make the leaders complete a deal in order to avert a full -grown trade war.
Hours before Beijing revealed his measures, Trump described his imposed 10 percent tariff of 10 percent in China as a “opening salvo” in his new traditional offensive against the second largest economy in the world.
Hong Kong’s Hang Seng Index, which rose up to 3.3 percent on Tuesday. Shed some of his profits After China’s retribution, to exchange 2.3 percent.
The offshore Renminbi also lost earlier profits and weakened 0.1 percent compared to the dollar to RMB7.32.
The prices for Brent Rohöl, the international oil benchmark, fell by 0.7 percent to $ 75.41 per barrel. West Texas Intermediate, the US Benchmark, fell by 1.8 percent to $ 71.90 per barrel. Natural gas futures fell by 2.3 percent to $ 3.274 per million times the British heat unit.
Trump had allies and investors with a weekend announcement of taxes in Canada, Mexico and China, which he accused not to have done enough to contain immigration and flow of the deadly opioid fenineyl and its forerunners into the USA.
But the tariffs against Canada and Mexico were Delayed a month After last-minute talks on Monday between Trump and the Canadian Prime Minister Justin Trudeau and the Mexican President Claudia Sheinbaum.
China’s Ministry of Finance said the US tariffs had violated the rules of the world trade organization. “Not only is it not helpful to solve your own problems, but also undermines normal economic and trade cooperation between China and the USA,” said the Ministry of Finance.
It also added that US carbon and LNG exports with a tariff of 15 percent would be exposed to, while crude oil, agricultural machines, cars and collection would receive a tariff of 10 percent.
China was the second largest buyer of US carbon in the first three quarters of 2024, which made up 10.9 percent of the total coal exports and, according to the US energy information management, was only left to India.
According to the RRP, the USERDGASEXPORTS to China made up 2.9 percent of total natural gas exports from January to November 2024.
The White House did not respond to a request for comments.
China’s antitrust regulatory authority also announced an investigation by Google on Tuesday due to alleged violations of laws against the monopoly.
While the search engine in China is blocked together with most of the parent company Alphabet, the US group benefits from Chinese companies abroad. Chinese phonemacher also use the Android operating system in detail.
Alphabet does not break its income from China, but the Asian-Pacific region contributed 17 percent to sales in 1723.
In the meantime, China’s Ministry of Commerce stated that Wolfram and more than two dozen other rare metal products and technologies that are immediately effective impose export controls.
The Ministry of Commerce also placed the PVH Group, an American clothing manufacturer, whose brands belong to Calvin Klein and Tommy Hilfiger, on China’s “unreliable entity list”, a national security blacklist.
The step was followed by China’s examination in PVH due to alleged discrimination against cotton from China’s Western region of Xinjiang, in which Beijing is accused of infringing human rights, including forced labor.
The Ministry said that the USBITECH group Illumina also added to the list to “secure the interests of national sovereignty, security and development”.
While there was a certain optimism for an agreement in the coming days to facilitate trade voltages, economists were doubtful.
“The likelihood of a (in) agreement to avoid tariffs appears to be limited,” said Robin Xing, Chef -China economist at Morgan Stanley. “Paths for de -escalation. . . Stay tight and need considerable compromises from both sides. “
Additional reporting from Demetri Sevastopulo in Washington
