The US imposed a 25% tariff on imports from Canada and Mexico, and a 20% tariff on goods from China. In retaliation, China announced it would impose an additional 10-15% tariff on US imports.
US-China Tariff War: Trade tensions between the US and China have escalated. On Tuesday, the US President announced a 25% tariff on imports from Canada and Mexico, effective immediately. Simultaneously, the US further targeted China, increasing tariffs on Chinese imports. This decision prompted a b response from China, which announced retaliatory tariffs on US goods.
US Increases Tariffs on China
The US increased tariffs on Chinese imports from 10% to 20%. The US government claims this action is necessary to protect domestic producers. The US argues that China's trade practices are harming American companies, necessitating the tariff increase.
China's Retaliatory Measures
Following the US action, China announced retaliatory tariffs of 10-15% on several US products. The Chinese government stated that a 10% tariff would be imposed on imported soybeans, pork, and other agricultural products, while a 15% tariff would target US poultry, wheat, corn, and textiles.
New Tariffs Effective March 10th
According to the Chinese Ministry of Finance, these additional tariffs will be effective from March 10th. Experts believe this escalation could further deepen trade tensions between the two countries. China alleges that this US decision violates World Trade Organization (WTO) rules and destabilizes global trade.
China's Attack on the US
China's Ministry of Commerce bly condemned the US action. The ministry's statement asserted that the US decision not only contravenes WTO rules but also harms bilateral trade relations. China has made it clear it will take all necessary measures to protect its interests.
