China immediately announced retaliatory measures against the 10% U.S. tariff on all Chinese goods, imposing its own tariffs on U.S. products such as coal, natural gas, crude oil, agricultural machinery, and automobiles. Despite President Trump pausing 25% tariffs on goods from Canada and Mexico, the U.S.-China trade war escalated. China criticized the U.S. for violating WTO rules and harming economic cooperation. Additional measures included investigations into Google for anti-trust violations, export controls on rare earth elements, and adding companies like Illumina and PVH Corp. to an “unreliable entity list.” China also referred the U.S. tariff measures to the WTO. The U.S.’s actions were seen as unilateralism, undermining multilateral trade rules. The Chinese tariffs were more targeted compared to the U.S., with potential implications for sectors like chipmakers. Trump aimed to pressure China to reduce fentanyl production, although China argued that focusing on domestic demand was key to addressing the issue. Despite ongoing talks, Trump warned of substantial tariffs if a deal with China was not reached. The China-U.S. trade dispute poses risks to global supply chains.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
