China announces retaliatory tariffs moments after US levies take effect –

[Deeq A.]

China retaliates within minutes of US tariffs taking effect
More now on China’s response to US tariffs taking effect, via Reuters:

China on Tuesday slapped tariffs on US imports in a rapid response to new US duties on Chinese goods, renewing a trade war between the world’s top two economies as President Donald Trump sought to punish China for not halting the flow of illicit drugs.

Trump’s additional 10% tariff across all Chinese imports into the US came into effect at 12:01 am ET on Tuesday (05:01 GMT). Within minutes, China’s Finance Ministry said it would impose levies of 15% for US coal and LNG and 10% for crude oil, farm equipment and some autos. The new tariffs on US exports will start on 10 February, the ministry said.

Separately, China’s Commerce Ministry and its Customs Administration said the country is imposing export controls on tungsten, tellurium, ruthenium, molybdenum and ruthenium-related items to “safeguard national security interests”.

China also announced a probe into Google, moments after a deadline for the US imposing a 10% tariff on Chinese goods passed, restarting a trade war between the world’s two largest economies.

China will investigate the US tech company for alleged anti-trust violations, according to a brief statement from the State Administration for Market Regulation.

Trump on Monday suspended his threat of 25% tariffs on Mexico and Canada at the last minute, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.

But there was no such reprieve for China, and a White House spokesperson said Trump would not be speaking with Chinese President Xi Jinping until later in the week.

Source The Guardian

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