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U.S. President Donald Trump (left) and Chinese President Xi Jinping. [Photo: Yonhap News] |
[Alpha Biz= Kim Jisun] China has launched a broad economic counteroffensive targeting the United States in response to former U.S. President Donald Trump’s recent 10% tariff hike on Chinese imports.
According to China’s Ministry of Finance on Tuesday, Beijing will impose a 15% tax on U.S. coal and liquefied natural gas (LNG), while crude oil, agricultural machinery, large-engine vehicles, and pickup trucks will face a 10% tariff. These new measures will take effect on February 10.
Additionally, China’s Ministry of Commerce and General Administration of Customs announced the immediate implementation of new export controls on over 20 types of metal products and related technologies. The restrictions cover tungsten, a key mineral used in industrial and defense applications, as well as tellurium, which is essential for solar cell production.
Furthermore, the Ministry of Commerce has placed fashion brands like Calvin Klein and Tommy Hilfiger (under PVH Group) and genetic analysis firm Illumina on its trade blacklist. These companies will be prohibited from engaging in import or export activities related to China and barred from making new investments in the country.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
