China hits back at 10% U.S. tariff with its own levies on U.S. products
Hong KongChina announced a number of steps, including its own tariffs of 10% to 15% on certain U.S. items, in prompt retaliation Tuesday as a 10% U.S. duty on Chinese goods went into force.
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.
The Chinese declaration was made just minutes after the U.S. tax, which was the only one to proceed after President Donald Trump halted 25% tariffs he had set on imports from Canada and Mexico, went into effect at 12:01 a.m. ET.
A trade war between the two largest economies in the world might spin out of control if tit-for-tat tariffs with China are not prevented.
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