The Chinese mainland announced on Tuesday the implementation of new tariffs on specific imported goods from the United States, marking a significant escalation in trade tensions between the two economic giants.
According to a notice from the Customs Tariff Commission of the State Council, a 15-percent tariff will be applied to US coal and liquefied natural gas (LNG). Additionally, a 10-percent tariff will be imposed on oil, agricultural machinery, large-displacement vehicles, and pickup trucks. These measures are set to take effect from February 10.
This move comes as a direct response to US President Donald Trump's executive order signed on Saturday, which implemented a 10-percent tariff hike on imports from China, effective Tuesday. The US's unilateral decision has been met with criticism from Beijing, which views the action as a violation of World Trade Organization (WTO) rules.
In a statement, the Chinese mainland emphasized that the US's imposition of tariffs disrupts normal trade and economic cooperation between the two nations. "Such measures are ineffective in addressing US economic concerns and seriously violate WTO regulations," the notice warned.
Meanwhile, President Trump on Monday suspended his planned 25-percent tariffs on Mexico and Canada at the last minute, opting instead for a 30-day pause. This decision highlights the shifting dynamics in US trade policy as it engages with various international partners.
The escalation of tariffs between the Chinese mainland and the United States has raised concerns among global business professionals and investors. Market analysts are wary of the potential impact on international trade and economic stability, urging both parties to seek a resolution through dialogue and negotiation.
Academics and researchers are closely monitoring the situation, analyzing the implications for global trade relations and the enforcement of international trade laws. The ongoing developments underscore the importance of cooperative economic policies in maintaining global market equilibrium.
Reference(s):
China to impose tariffs on certain imported goods from the U.S.
cgtn.com
