China Imposes Retaliatory Tariffs on U.S. Goods, Trade War Escalates
China has announced new tariffs on American goods in response to the Trump administration’s increase in import duties. The Chinese Ministry of Finance stated that the new measures will take effect on March 10 and will impact a wide range of U.S. products.
Beijing is imposing a 15% tariff on imports of chicken, wheat, corn, and cotton. Tariffs on soybeans, sorghum, pork, beef, fruits, vegetables, and dairy products will be set at 10%.
Additionally, the Chinese Ministry of Commerce has placed 15 U.S. companies on an export control list and added 10 firms to its unreliable entities list. Among them is Illumina Inc., which is now banned from exporting gene sequencing machines to China.
These measures come in response to Trump’s decision to raise tariffs on Chinese goods from 10% to 20%. According to Trump, this move aims to pressure Beijing into halting the export of banned substances, including fentanyl, to the U.S. Alongside China, Trump has also imposed 25% tariffs on Canada and Mexico, demanding stronger border control measures.
The escalation of the trade conflict between the world's largest economies poses serious risks for global markets. Trump previously engaged in a tough economic standoff with China, but tensions eased somewhat after the 2019 trade agreement.
Amid the new wave of sanctions and trade restrictions, the Chinese government is planning additional economic stimulus measures. These are expected to be discussed at a high-level leadership meeting in China later this week.
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