China retaliated against the United States by imposing its own tariffs on certain American products, ranging from 10% to 15%. The announcement came shortly after the U.S. implemented a 10% tariff on Chinese goods. China’s tariffs will affect items such as coal, liquefied natural gas, crude oil, agricultural machinery, large-displacement automobiles, and pickup trucks.
The Chinese government criticized the U.S. for violating World Trade Organization rules and stated that the tariff hike will not resolve any issues but will instead harm economic and trade cooperation between the two countries. President Trump also imposed tariffs on goods from Canada and Mexico, citing border security concerns and drug trafficking. While the tariffs with Canada and Mexico have been temporarily paused for 30 days following discussions with their leaders, no deal has been reached with China.
Despite the ongoing trade tensions, Asian markets initially reacted positively to news of the temporary pause in tariffs with Canada and Mexico. However, mainland Chinese markets were closed for the Lunar New Year holiday at the time. The situation between China and the United States continues to escalate, with both countries imposing tariffs on each other’s goods in an ongoing trade dispute.
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