China’s chamber of commerce representing investors in food items called on” China’s food and agricultural materials import and export business to join and reinforce cooperation to jointly examine domestic and foreign markets”. The metals and chemicals traders ‘ chamber said the tariffs” will push up the import cost for USContinue Reading
SEOUL: South Korea’s acting President Choi Sang-mok said on Tuesday ( Mar 11 ) that United States President Donald Trump’s” America First” policies had started targeting his country. Choi said conversations with the United States over price actions and stronger cooperation on energy and shipping were beginning forward of “reciprocalContinue Reading
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.
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.
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.
President Trump has halted the administration’s plan to impose tariffs on small-value packages coming from China, allegedly to give governmental agencies more time to sort out how to process the millions of packages that cross the US border daily without paying taxes. The Department of Commerce could put in placeContinue Reading
TESLA AND FARM EQUIPMENT FIRMS Additionally, China announced 10 % tariffs on US land equipment that may affect companies like AGCO, Deere &, Co, and a few big-engine automobiles and cars coming into China from the US. That may apply to Elon Musk’s Cybertruck, a market providing that Tesla hasContinue Reading
Beijing announced on Tuesday ( Dec. 3 ) that it would stifle exports to the United States of some important semiconductor components after Washington announced restrictions aimed at restricting China’s ability to produce advanced chips. Among the materials banned from trade are metals chromium, arsenic and tungsten, Beijing’s business departmentContinue Reading
Beijing stated in August that it would not implement temporary tariffs on European cognac producers even though it had found proof of dumping, but that it would not act out additional actions. From Friday, users will have to spend a” related guarantee” to Chinese customs when importing EU vodka intoContinue Reading
The principles, if confirmed, may mark the latest increase of a bubbling business row between the US and China. Washington announced rough tax increases on Chinese imports like semiconductors and electric vehicles in May. The price hikes hit US$ 18 billion value of Chinese goods, targeting strategic areas like Vehicles,Continue Reading