Displaying items by tag: trade war

Donald Trump has imposed a 25% duty on imports from Canada and Mexico and doubled tariffs on Chinese goods to 20%. He says that all three countries have failed to do enough to stem the flow of the deadly opioid fentanyl. These measures could disrupt over $2.2 trillion in trade. China immediately retaliated, announcing new tariffs on US agricultural products and export restrictions on 25 American firms, including those linked to arms sales to Taiwan. Canada and Mexico also pledged countermeasures, with Canada targeting US goods such as beer, wine, and home appliances. Ontario premier Doug Ford even suggested halting nickel shipments and electricity exports to the USA. China, already facing heightened tariffs on semiconductors and electric vehicles, expressed frustration, accusing the US of violating trade agreements. With trade tensions escalating, global markets remain uncertain as major economies brace for economic fallout.

China has retaliated against new US tariffs by imposing 15% duties on certain energy imports and 10% tariffs on crude oil, vehicles, and machinery. It also announced export controls on key minerals like tungsten and added two firms to its ‘unreliable entities’ list. Additionally, China launched an antitrust investigation into Google. On 2 February Donald Trump had imposed 10% tariffs on Chinese goods, part of broader trade measures also targeting Mexico and Canada. He has briefly paused tariffs on those two nations following talks. China denounced the tariffs at the World Trade Organisation, warning of economic disruption. The dispute extends beyond tariffs, touching on security and fentanyl production. While Beijing aims to avoid an escalating trade war, China’s slowing economy adds pressure. Meanwhile, Trump has indicated that he might impose tariffs on other nations.