Beijing has announced its own duties and has imposed export restrictions on key minerals
China has announced new tariffs and trade restrictions, following a similar move by the administration of US President Donald Trump, which views competition against China as a key foreign policy point.
Last week, Trump ordered additional 10% tariffs on all goods from China, saying he is using his emergency authority to fight a national emergency caused by drug trafficking and illegal immigration. In the same executive action, the president targeted Canada and Mexico. Both US neighbors have since offered concessions on border security to deflate the growing trade conflict.
The Chinese government responded minutes after the new tariffs came into force on Tuesday. It included restrictions on certain American goods – a 15% tariff on coal and liquefied natural gas, and a 10% tariff on crude oil, agricultural machinery, and some vehicles.
Announcing its policy change, the Chinese Finance Ministry condemned Trump’s decision, saying it “seriously violates the rules of the World Trade Organization (WTO)” and “undermines the normal economic and trade cooperation between China and the US.” Meanwhile, the Commerce Ministry announced that China has filed a complaint over the US tariffs with the WTO.
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Beijing has also introduced a licensing regime for exports of products containing tungsten, tellurium, bismuth, molybdenum, and indium. The measure will “safeguard national security and interests” the Commerce Ministry said, without specifically mentioning the US. The minerals are essential for advanced manufacturing.
February 04, 2025 at 01:24PM
RT