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By EquityPandit

WORLD

China Responds to Trump Tariffs with Taxes on Crude, Cars, and Google Probe

The new tariffs include a 15% duty on coal and liquified natural gas.

China’s Ministry of Commerce announced counter-tariffs on U.S. products and launched a Google antimonopoly investigation following Washington’s 10% levies on Chinese goods. The new tariffs include a 15% duty on coal and liquified natural gas and a 10% levy on crude oil, agricultural machinery, and large-displacement cars.

Although Google is blocked from China’s internet, the investigation may affect its dealings with Chinese firms. Meanwhile, Beijing filed a complaint with the World Trade Organization (WTO), calling the U.S. tariffs “malicious” and violating WTO rules, warning that they harm economic cooperation.

The U.S. tariffs, imposed by President Trump, took effect at 12:01 AM ET on Tuesday without the reprieve previously extended to Mexico and Canada. 

Trump also warned of further tariff hikes unless China stemmed the flow of fentanyl into the U.S. In response, China stated it would challenge the tariffs at the WTO but remained open to negotiations.

The ongoing trade war between the U.S. and China, which began in 2018, has disrupted global supply chains and widened China’s annual trade deficit to $361 billion, worsened by the COVID pandemic. 

Oxford Economics has downgraded China’s growth forecast, citing a high likelihood of further tariffs as tensions persist.

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