In a move that escalates ongoing trade tensions, China announced on Tuesday that it will impose new tariffs on U.S. imports in response to Washington’s recent tariff hikes. The retaliatory measures include a 15% tariff on coal and liquefied natural gas, along with a 10% tariff on crude oil, agricultural machinery, large vehicles, and pickup trucks.
These countermeasures follow the U.S. government’s decision over the weekend to introduce a 10% tariff on Chinese goods, further straining economic relations between the two nations.
The trade dispute intensified on Saturday when President Donald Trump revealed a series of tariff increases targeting key U.S. trading partners, including China, Canada, and Mexico. The latest measures add an additional 10% tariff on top of existing duties. Trump justified the move as a means to pressure foreign governments to curb illegal migration and drug trafficking into the United States.
As the world’s two largest economies engage in tit-for-tat tariff escalations, uncertainty looms over the global economic landscape. Analysts warn that the ongoing dispute could have far-reaching consequences for international trade, affecting businesses and consumers alike.
Main Image: MSN
