The trade tensions between the US and China have escalated significantly, with China imposing counter-tariffs on US imports in response to President Donald Trump’s 10% tariff on Chinese goods. This move has reignited the trade war between the world’s two largest economies, with China’s Finance Ministry stating that the US tariffs violate World Trade Organisation rules.
China lashed out saying Beijing “may be forced to take countermeasures” and emphasised that there is “no winner in a trade war”.
China’s retaliation includes a 15% tariff on US coal and liquefied natural gas exports, as well as a 10% tariff on crude oil, agricultural machinery, and large-displacement cars. These tariffs are set to take effect on February 10. Additionally, China has imposed export controls on rare metals such as tungsten, tellurium, ruthenium, molybdenum, and ruthenium-related items, citing national security interests.
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