China strikes back with 15% tariffs on US energy imports
The Chinese Ministry of Finance announced on Tuesday that it will impose a 15% tariff on imports of coal and liquefied natural gas from the United States. In response to Washington's 10% tariffs, these retaliatory measures will also include higher tariffs on imports of crude oil and agricultural machinery.
A 15% tariff will be imposed on coal and liquefied natural gas (LNG), the Ministry of Finance in Beijing stated, adding that it will come into effect on February 10.
Additionally, 10% tariffs on crude oil imports, agricultural machinery, vehicles with large engine capacities, and pickups were announced.
The Chinese government's decision came after Washington announced on February 1 that 10% fees would be imposed on Chinese imports. According to the Chinese Ministry of Commerce, this "seriously violates the rules of the World Trade Organization (WTO)."
Trump changes decision on tariffs for Mexico and Canada
Let's recall that Donald Trump signed an order on Saturday, imposing a 25% tariff on goods from Canada and Mexico, with the exception of petroleum products, which are subject to a lower 10% tariff. The President of the USA also decided on 10% tariffs on goods from China.
The new rates were originally supposed to take effect on Tuesday, February 4. However, the president decided to postpone the introduction of tariffs on Mexico and Canada by a month.
Both Canada and Mexico have committed to increasing border protection and cooperating with the USA against fentanyl smuggling.
"Tariffs will be very high"
Trump also announced that within 24 hours he will speak with his Chinese counterpart Xi Jinping about a potential trade agreement. He threatened that if an agreement with Beijing is not reached, the 10% tariffs imposed on Chinese products will be increased.
The recent actions are just "the opening salvo." "If we can’t make a deal with China, then the tariffs will be very, very substantial," stated Donald Trump.
