Author: Ana Swanson and Chris Buckley
Published on: 04/02/2025 | 00:00:00
AI Summary:
China responds swiftly on Tuesday to the tariffs President Trump promised. China announced a fusillade of countermeasures targeting American companies and imports of critical products. The Chinese government came back with a series of retaliatory steps. Trump agreed to pause the tariffs on Mexico and Canada for 30 days. Chinese authorities rolled out the measures aimed at punishing American companies. China’s counterpunches suggested an effort to hurt American businesses. China announced new restrictions on exports of tungsten, tellurium, molybdenum and other metals. China’s measures included an additional 10 percent tariff on crude oil, agricultural equipment, larger cars and pickup trucks. One of the companies, PVH, had already been placed under investigation by Chinese regulators in September. Trump’s executive order ended a popular workaround that many Chinese companies had used to send goods to the United States without paying the tariffs that the president imposed in 2018. The provision, known as de minimis, allowed popular e-commerce companies like Shein and Temu to send billions of dollars of products from Chinese factories directly to American consumers without tariffs. Mr. Trump has accused China of failing to do enough to stop the export of fentanyl and the chemicals that are used to make it. “There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world,” the spokesman said. Mr. Trump waged an intense trade war with China during his first term. He ratcheted up tariffs on China and ultimately applied tariffs to about 60 percent of the country’s exports to the United States. Trump’s move to impose tariffs on some of America’s largest trading partners is threatening to fracture the global trading system in China’s favor. A growing number of countries, including American allies, are forging their own economic partnerships without the United States as Washington puts up a higher fence around its trade. Canada’s Retaliation Plans: Prime Minister Justin Trudeau laid out more than $100 billion in retaliatory tariffs against the U.S.
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