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China retaliates to 10% U.S. tariff by imposing its own levies on American goods


China retaliated immediately on Tuesday with its own tariffs following the implementation of a 10% U.S. tariff on all Chinese goods. The Chinese government announced a series of measures, including tariffs of 10% to 15% on certain U.S. products such as coal, liquefied natural gas, crude oil, agricultural machinery, large-displacement automobiles, and pickup trucks. This move comes after President Trump paused 25% tariffs on goods from Canada and Mexico. The failure to prevent tit-for-tat tariffs with China raises concerns about a potential trade war between the two largest economies.

China criticized the U.S. tariff increase, stating that it violates World Trade Organization rules and does not address any underlying issues. Beijing also announced an investigation into Google for anti-trust violations and imposed export controls on rare earth elements. Additionally, Chinese companies, Illumina and PVH Corp., were added to the “unreliable entity list,” limiting their operations in China.

Trump is expected to speak with Chinese leader Xi Jinping in the coming days, as negotiations continue. Mainland Chinese markets are closed for the Lunar New Year holiday, but other Asia-Pacific markets were initially up in response to the pause in Canadian and Mexican tariffs. China has referred the U.S. tariff measures to the World Trade Organization to protect its rights and interests and has criticized the U.S. for undermining the rules-based multilateral trading system. Despite the U.S. blocking the appointment of WTO appellate judges, China could still use legal avenues to challenge the tariffs internationally.

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