Following the recent war over tariffs, China has now imposed tariffs of 10%-15% on US exports and added 10 firms to an unreliable entity list. The announcement made by the Chinese finance ministry was in retaliation to the heavy tariffs imposed by the Trump’s administration, escalating a trade war between the world’s two largest economies.
Beijing on Tuesday said that it would charge a duty as high as 15% from March 10 on American goods including chicken, wheat, corn and cotton and a 10% tariff on soybeans, sorghum, porn, beef, aquatic products, fruits, vegetables and dairy products.
Xi’s government hit back hours after US President Donald Trump signed an executive order for the hike, saying “China had done too little to stop the flow of illicit fentanyl into the US”. The Chinese Ministry of Commerce protested the move in an earlier statement, vowing to take countermeasures and calling on Washington to return to dialogue.
Trump has signaled a desire to speak with Chinese leader Xi Jinping, but they have yet to talk a month after the US president raised the possibility of a call to negotiate a deal.
China responded to the earlier 10% tariff with import taxes on some US goods and action against American firms including gene sequencing company Illumina Inc. These moves appeared calibrated to avoid major blowback on the Chinese economy while showing Trump an ability to disrupt the supply of key minerals and hurt US companies.
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