Days after the US imposed tariffs on Chinese goods, Beijing has also introduced a series of retaliatory measures against Washington.
On Tuesday, China’s finance ministry said it will impose additional tariffs of 15% on coal and liquified natural gas imports from the US. Additionally, China will impose 10% higher duties on crude oil, agricultural machinery and certain cars from the US, starting Feb. 10.
China said that US tariffs “seriously violates the rules of the World Trade Organization … destructs the normal bilateral economic and trade activities” according to a CNBC translation of the ministry’s statement in Chinese.
In another statement, China’s commerce ministry and customs officials announced that there will be export controls on a range of items and technologies related to critical minerals, such as tungsten, tellurium, ruthenium, molybdenum and ruthenium.
“The US practice seriously undermines the rules-based multilateral trading system, undermines the foundation of economic and trade cooperation between China and the United States, and disrupts the stability of the global industrial chain and supply chain,” the ministry said, as per CNN.
Meanwhile, US President Donald Trump-led administration has agreed on a 30-day pause on the implementation of the 25% tariffs on imports from Canada and Mexico after the two North Amercian countries decided to take required measures to prevent the illicit drug trafficking of fentanyl into the US.
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The ministry also said it was placing two American firms — biotech company Illumina and fashion retailer PVH Group, owner of Calvin Klein and Tommy Hilfiger — to its unreliable entities list, noting that they “violated normal market trading principles.”
On Monday, Trump also noted that he was expecting to speak with Chinese leader Xi Jinping in the next 24 hours. However, Beijing has yet to confirm any call.
