Hong KongAs soon as a 10% U.S. duty on Chinese imports went into force on Tuesday, China announced its own 10% to 15% duties on a number of U.S. items in retaliation.
According to the government, China will begin enforcing a 10% tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks on February 10 and a 15% tax on coal and liquefied natural gas on February 10.
Minutes after the U.S. tax went into effect at 12:01 a.m. ET, China made its announcement.
“The Customs Tariff Commission of the State Council, China’s Cabinet, said in a statement that this unilateral tariff hike by the U.S. side seriously violates World Trade Organization rules, does nothing to solve its own problems, and undermines normal China U.S. economic and trade cooperation.”
Citing border security and the illegal international flow of drugs like fentanyl, Trump imposed the duty on Saturday along with 25% duties on goods imported from Canada and Mexico. No similar agreement seems to have been reached with China, despite the fact that the tariffs on Canada and Mexico have been suspended for 30 days following discussions with their presidents.
The Mainland For the Lunar New Year holiday, Chinese marketplaces are still closed. The news that the tariffs between Canada and Mexico had been suspended caused other Asia-Pacific markets to rise earlier Tuesday, according to CNBC.