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Retaliation: China slams tariffs on US oil, machinery, coal, LNG

China has slammed a ten per cent tariff on United States oil and agricultural machinery in retaliation to the tariffs imposed on the Asian giant by President Donald Trump.
China also imposed a per cent tariffs on the coal and liquefied natural gas (LNG) coming from the United States.
It could be recalled that President Trump recently imposed a ten per cent tariff on imported products from China.
During his barely two weeks presidency, Trump imposed tariffs on approximately $380 billion worth of Chinese goods.
The rates ranged from 7.5per cent to 25 per cent.
These tariffs were part of a broader trade war between the United States and China.
This is not the first time that Trump is imposing sanctions on China. as the trade war dates to as far back as 2018.
Trump had, during his first stint as president as president imposed various tariffs on China and several other countries.
China declares retaliatory tariffs
In response to the latest impositions, however, China announced retaliatory tariffs on a range of U.S. goods.
The retaliation includes the 15 per cent tariff on coal and liquefied natural gas.
Other affected products include a 10 per cent tariff on crude oil, agricultural machinery, and large-displacement cars respectively.
The measures, according to China, are set to take effect on February 10.
This escalation is part of the ongoing trade war between the U.S. and China, with both sides slamming tariffs on each other’s goods.
Trump has, meanwhile, stated that these tariffs are necessary to address issues such as the production of fentanyl in China.
China, however, disputes this claim and has vowed to challenge the tariffs at the World Trade Organization (WTO).
Economic Impact
Donald Trump’s tariffs on China have had significant economic implications.
The tariffs led to higher prices for US consumers, with estimates suggesting an average annual tax increase of $625 per household.
US businesses also faced increased costs due to higher prices for imported goods from China.
The tariffs had a negative impact on US employment, with estimates suggesting a loss of 142,000 full-time equivalent jobs ¹.
Retaliation and Trade War:
China retaliated with its own tariffs on US goods, affecting American exporters.
The trade war resulted in a decline in exports to China, with estimated losses of $27 billion from 2018 to 2019.
Current Status:
The immediate-past administration led by Joe Biden had kept most of the Trump-era tariffs in place, with some adjustments.
The ongoing trade tensions between the US and China have also continue to impact global trade and economic growth.
Following the latest retaliatory measure by China, Trump said he will speak with China about the tariffs in the next 24 hours.
It waits to be seen what the outcome of the discussion will be.
Tit-for-tat retaliation
This, it could be recalled, is not the first round of tit-for-tat retaliations between China and the United States.
The two countries had engaged in trade war in 2018.
Then, Trump had repeatedly raised tariffs on Chinese goods and China responded in kind.
This time, a more prepared China announced a series of retaliations that go beyond tariffs, slicing through U.S. economy.
“It’s aiming for finding measures that maximize the impact and also minimize the risk that the Chinese economy may face,” Gary Ng, a senior economist at Natixis Corporate and Investment Banking in Hong Kong told AP.
“At the same time … China is trying to increase its bargaining chips,” he added.
The medium quoted John Gong, a professor at the University of International Business and Economics in Beijing, as calling the response a “measured” one.
“I don’t think they want the trade war escalating,” Gong said.
“And they see this example from Canada and Mexico and probably they are hoping for the same thing,” he noted further.
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