The ongoing trade tensions between the United States and China have intensified as the U.S. imposes a 10-percent tariff on Chinese imports, citing concerns over fentanyl and other issues. In response, China has taken significant countermeasures, including filing a case with the World Trade Organization (WTO) and implementing retaliatory tariffs on a range of American goods.
China's Ministry of Commerce condemned the U.S. decision, labeling it a violation of WTO rules and an act of unilateral trade protectionism. The State Council Tariff Commission announced new duties set to take effect on February 10, which include a 15-percent tariff on coal and liquefied natural gas, and a 10-percent tariff on crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks.
Despite the escalating trade barriers, China's exports to the United States remain substantial. In 2024, total exports were approximately $524.7 billion, with key sectors such as electrical machinery, textiles, base metals, plastics, and transport equipment leading the way. These industries are expected to bear the brunt of the renewed tariff dispute, potentially impacting global supply chains and market dynamics.
The trade war underscores the complex economic interdependencies between the two largest economies in the world. Business professionals and investors are closely monitoring these developments for insights into market trends and opportunities, while academics analyze the broader implications for global trade and economic policies.
Reference(s):
cgtn.com
