Following the introduction of 10% US tariffs on imports from China, the People’s Republic has announced retaliatory tariffs. According to the Ministry of Finance in Beijing, the new measures will take effect from February 10th. The tariffs will apply to a range of products, including a 15% duty on coal and liquefied gas and a 10% duty on US crude oil, agricultural machinery, high-powered vehicles and pickup trucks.
In a move that had been anticipated, US President Trump had initially threatened to impose tariffs not only on China but also on neighboring countries, Mexico and Canada. However, on Monday, after negotiations, a 30-day suspension of the tariffs was announced for the two cases. In contrast, the retaliatory tariffs on China took effect on Tuesday.