Trade Tensions Ramp Up: China Slaps Tariffs and Bans on US Firms

China announced new tariffs on US farm products, including chicken, pork, and soy, and blacklisted 10 US firms from business activities in China on security grounds. These firms include Lockheed Martin and other defense companies. Additionally, China added 15 US companies to its export control list.

In escalating trade tensions, China revealed plans to impose additional tariffs on key US farm products, including chicken, pork, soy, and beef. The Commerce Ministry's announcement comes shortly after the US raised tariffs on Chinese imports, initiating a fresh round of economic tit-for-tats.

Compounding the acrimony, Beijing has added ten US companies to its 'unreliable entities' list. These include major defense organizations, notably three divisions of Lockheed Martin. The move restricts these firms from partaking in Chinese import or export activities, while key executives face bans from entering the country.

The latest measures also witness China's inclusion of fifteen more US companies in its export control list, thereby hindering their access to dual-use technology. Officials cite threats to national security for these decisions as part of broader efforts to protect China's strategic interests against perceived US encroachments.