Trade Tensions Escalate: China Strikes Back with New Tariffs

Amid rising trade tensions, China has announced additional tariffs on US goods following a 10% US tariff on Chinese exports. The move, effective from February 10, 2025, targets coal, LNG, and crude oil, amid claims of WTO rule violations by the US, exacerbating bilateral trade disputes.

Following the United States' decision to impose a 10% tariff on all Chinese exports, China has retaliated by announcing new tariffs on American goods. These include a 15% tariff on coal and liquefied natural gas and a 10% tariff on crude oil, set to take effect from February 10, 2025, according to China's Ministry of Finance.

China's response comes amid rising tensions, as the US cited issues like fentanyl smuggling as reasons for its unilateral tariff imposition, a move Beijing argues violates World Trade Organization rules. The Ministry of Finance emphasized that US tariffs disrupt economic and trade cooperation.

China maintains adherence to international trade principles, seeking countermeasures and dialogue with the US. The government stresses that additional tariffs will not alter existing tax exemptions, refraining from reducing or exempting these new levies, thereby intensifying the trade standoff.

(With inputs from agencies.)