Insignia Consultants | China hits back with targeted tariffs after Trump imposes new levies
China hits back with targeted tariffs after Trump imposes new levies
WASHINGTON/BEIJING, Feb 4 (Reuters) - China on Tuesday imposedtariffs on some U.S. imports in a swift response to new U.S. duties on Chinese goods, raising the stakes in a showdown between the world's top two economies even as President Donald Trump offered reprieves to Mexico and Canada.
Additional 10% tariff across all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday (0501 GMT) after Trump repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.
Within minutes, China's Finance Ministry said it would impose levies of 15% for U.S. coal and LNG and 10% for crude oil, farm equipment and a the small number of trucks as well as big-engine sedans shipped to China from the United States.
China also said it was starting an anti-monopoly investigation in Alphabet Inc's (GOOGL.O), opens new tab Google, while including both PVH Corp (PVH.N), opens new tab the holding company for brands including Calvin Klein, and U.S. biotechnology company Illumina (ILMN.O), opens new tab on a list for potential sanctions in China.
