BEIJING: China quickly responded to recent US tariff increases on Tuesday ( Mar 4 ) by announcing 10 % to 15 % increases to import levies for a range of American agricultural and food products.
Additionally, it imposed restrictions on the trade and investment of 25 US businesses.
A combined 20 percent tax was imposed on China on Tuesday as a result of the additional 10 percent duty that US President Donald Trump threatened it with last week at midnight local time.
The tariff adds to the thousands of dollars ‘ worth of prior taxes already imposed on Chinese goods.
The finance ministry announced in a statement that Beijing will impose an additional 15 % tariff on US imports of chicken, wheat, corn, and cotton and an additional 10 % levy on US soybeans, sorghum, pork, beef, aquatic products, fruits and vegetables, and dairy from March 10.
China’s business ministry stated in a separate statement that” the US’ unilateral tariffs severely violate the rules of the World Trade Organization and destroy the basis for US-China economic and trade cooperation.”
China added that it would securely protect its reasonable rights and interests.
Trump’s new 25 % tariffs on imports from Mexico and Canada also went into effect on Tuesday, causing new trade disputes with the top three US trading partners.  ,
The price measures, which could cause almost US$ 2.2 trillion in two-way annual US business, were implemented shortly after Trump claimed all three countries had failed to do enough to stop the flow of the fatal fentanyl opioid and its precursor chemicals into the US.
The US and Canada, which have a nearly tax-free trade marriage for three decades, were prepared to immediately react against their long-time allies.
If Trump’s tariffs were still in effect in 21 days, Canadian Prime Minister Justin Trudeau said Ottawa would immediately impose 25 % tariffs on US imports worth US$ 27.7 % and additional$ 86.2 %. He recently stated that Canada would target British household goods like orange juice and beer.
Trudeau claimed that tariffs would “violate an extremely successful trading relationship,” adding that they would go against the US-Mexico-Canada free trade agreement that Trump signed during his first term.
In retaliation, Ontario’s leading Doug Ford declared to NBC that he was prepared to stop copper shipments and electricity transmission from his province to the US.
According to the Mexican economy ministry, Claudia Sheinbaum was scheduled to give her comment on Tuesday at a morning press conference in Mexico City.
ATTACHING CHINATARIFFS
Trump imposed a 10 % tariff on Chinese goods on February 4th, adding that 10 % to that additional 10 % duty. The up to 25 % tariffs that Trump imposed during his first name on some US$ 370 billion value of US imports are also added to the 20 % work.
Under former president Joe Biden, some of these products saw sharp increases in US tariffs last year, including doubling of Chinese semiconductor obligations to 50 % and tripling of Chinese electric vehicle tariffs to over 100 %.
The 20 % tariff will apply to many significant US customer electronics imports from China that have previously been exempt from previous duties, including those for smartphones, laptops, videogame consoles, devices, speakers, and Mobile devices.
Trump’s first-term business war severely affected US farmers, which resulted in missing export income of about US$ 27 billion and Brazil’s ceding a portion of the Chinese business.
POSTING ON
Trump has continued to ratchet up price action since taking office in January, including completely restoring 25 % of steel and aluminum goods that go into effect on March 12 and revoked previously revoked exclusions.
Trump’s” America First” plan, which aims to redraw business agreements in favor of the US, is expected to be the centerpiece of his Tuesday evening target to a joint session of Congress.
Trump opened a federal security investigation into firewood and timber products that might lead to exorbitant taxes on Saturday. Now subject to 14.5 percent US tariffs on softwood lumber, Canada would be particularly hit.
Trump reopened a probe into nations that charge electric solutions taxes, proposed fees of up to US$ 1.5 million for each ship built in China entering US ports, and instituted a tariff exploration into copper imports a week earlier.
These strengthen his desire for higher “reciprocal levies” to mitigate the charges of other nations ‘ other trade barriers, a move that could have a significant impact on the European Union.