China has retaliated against the United States’ tariffs by imposing its own set of tariffs on a range of American goods. The targeted items include crude oil, agricultural machinery, and liquefied natural gas, among others. The Chinese government set a 10% tariff on crude oil, as well as 15% duties on certain types of coal and LNG. This new tariff plan is set to take effect on February 10.
This move follows the Trump administration’s imposition of 10% tariffs on Chinese imports, which went into effect on February 3. China has condemned these actions, declaring its intent to “resolutely defend its rights” and pursue measures through the World Trade Organization.
The ongoing trade tensions are likely to have continued ripple effects, impacting industries on both sides.
