The trade war between the U.S. and the Chinese mainland heats up as both nations impose new tariffs, impacting various industries and global markets.
Recently, the U.S. announced a 10% tariff on Chinese imports, citing concerns over fentanyl and other issues. In response, China's Ministry of Commerce has condemned the move as a violation of WTO rules and an act of unilateral trade protectionism.
Not backing down, the State Council Tariff Commission of the Chinese mainland is set to implement retaliatory tariffs starting February 10. These will include:
- 15% tariff on coal and liquefied natural gas
- 10% tariff on crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks
Despite these growing trade barriers, China's exports to the U.S. remain substantial. In 2024, total exports reached approximately $524.7 billion, with key categories including electrical machinery, textiles, base metals, plastics, and transport equipment. These industries are expected to feel the brunt of the renewed tariff dispute.
For young professionals and entrepreneurs, this escalating trade conflict underscores the importance of staying informed about global market dynamics. As tariffs affect supply chains and pricing, understanding these changes can help navigate the evolving economic landscape.
Stay tuned to amigonews.net for more updates on how this trade war unfolds and its implications for the global economy! 🌐📉
Reference(s):
cgtn.com
