In a move that escalates the ongoing trade tensions between China and the United States, Beijing has announced new tariffs and an investigation into Google. The announcement came just after President Donald Trump imposed a 10% tariff on Chinese imports, sparking fresh concerns over a potential trade war between the world’s two largest economies.
On Tuesday, China’s State Administration for Market Regulation revealed that it will investigate Google for alleged anti-trust violations, a step that further intensifies the tech battle. In addition, China unveiled a 15% tariff on coal and liquefied natural gas from the US, as well as 10% tariffs on oil and agricultural equipment.
Further retaliatory measures by China include export controls on tungsten-related materials, and the addition of US firms PVH Corp. (owner of Calvin Klein) and Illumina Inc. to its “unreliable entity list.”
The trade conflict also had an impact on currencies, with the offshore yuan dropping by 0.3% to 7.3340. The Australian and New Zealand dollars also saw declines, as markets reacted to the escalating dispute.
This latest wave of tariffs comes after President Trump’s weekend directive for new levies on Chinese exports, effective after midnight on Tuesday. Trump’s move, which cites Beijing’s failure to curb illegal drug flows, includes retaliatory clauses that could raise tariffs further if China retaliates.
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