China Imposes Retaliatory Tariffs on US Goods Including Coal, Crude Oil, and Large Cars
On Tuesday, China announced its response to President Donald Trump’s trade strategy by imposing two levels of tariffs on American products. Effective February 10, the Ministry of Finance stated a 15% tariff will be applied to coal and liquefied natural gas, alongside a 10% tariff on crude oil, agricultural machinery, large cars, and pickup trucks. This comes shortly after Trump enacted a 10% tariff on all Chinese imports, fulfilling his campaign commitment to a robust tariff regime. The Ministry of Finance argued that the U.S. tariffs contravene World Trade Organization regulations, asserting, 'It is not only unhelpful in solving its own problems but also disrupts the normal economic and trade cooperation between China and the US.' Experts project that these tariffs, complemented by Trump’s previous 25% tariffs on Mexico and Canada (now deferred), may lead to higher prices on electronics and other goods for American consumers. As a crucial player in the production of electronics, any price increases could significantly affect technologies such as smartphones and laptops, likely raising costs for consumers.