China says that it will impose 15% tariff on coal, LNG products, 10% on crude oil, and other products in response to Donald Trump’s tariffs. “The US’s unilateral tariff increase seriously violates the rules of the World Trade Organization,” China’s Ministry of Commerce said in a statement.
It is not only unhelpful in solving its own problems but also damages normal economic and trade cooperation between China and the US.
China’s State Administration for Market Regulation said it is investigating Google on suspicion of violating antitrust laws. While the announcement did not specifically mention any tariffs, the announcement came just minutes after Trump’s 10% tariffs were to take effect.
China Slammed Trump’s Tariffs
Earlier, Beijing while criticizing Trump’s tariffs, said it “may be forced to take counter measures” and stressed that there is “no winner in a trade war”.
“We are firmly opposed to this unwarranted increase and we do believe that this is in violation of the WTO (World Trade Organization) rules,”: China’s Permanent Representative to the UN Ambassador Fu Cong.
In response to a question about the Trump administration imposing 10 per cent tariffs on Chinese goods coming into the US, he said China is filing a complaint at the WTO and Beijing “may be forced to take countermeasures.”
On Saturday, the White House announced that Trump was implementing a 25 per cent additional tariff on imports from Canada and Mexico and a 10 per cent additional tariff on imports from China.
“President Trump is taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country,” the White House had said.
The Chinese envoy emphasized that “there is no winner in a trade war and we do hope that the US should look at its own problems, really solve… find a solution that is beneficial to itself and also to the whole world.”
“Frankly speaking, I don’t think that raising tariffs is beneficial to the US itself,”
China’s Permanent Representative to the UN Ambassador Fu Cong
On the other hand, US President Donald Trump delayed the start of tariffs on neighbors Mexico and Canada for a month — but China remained in the firing line for levies
Trump now agreed to a 30-day pause on his tariff threats against Mexico and Canada. The decision led to a surge in US equity futures while the dollar reversed gains on Mexico’s peso and Canadian dollar.
Donald Trump said he would delay the imposition of stiff tariffs on imports from the US neighbors.
Tensions appeared higher between the United States and Canada — but after two calls with Trudeau, Trump said on Truth Social that Canada had “agreed to ensure we have a secure Northern Border, and to finally end the deadly scourge of drugs like Fentanyl.”
“We understand Trump is still using the same strategy or tactic – launching very threatening tariffs, but leaving room for negotiation,” Steven Leung, who handles institutional trading at stockbroker UOB-Kay Hian in Hong Kong.Bottom of Form It all makes us feel that it’s not a very firm policy yet. No need to worry too much,” he added.
European futures up by 0.2%: European equity futures rose by a more cautious 0.2%. Oil, which had jumped, slipped and at $75.46 Brent crude futures were near to a one-month low. On the other hand, Bitcoin which had sunk close to $91,000 a day earlier, traded around $102,000.
Australian shares advanced 0.4% and Japanese stocks rose 1.7%, though gains were smaller than Monday’s losses as trade-war fears swept financial markets.
Chinese markets remain shut for the Lunar New Year break, though the offshore yuan has climbed back to 7.3112 per dollar from as weak as 7.3765.
The Australian dollar stood at $0.6206 after sinking as low as $0.6088 on Monday. The yen, seen as a safe haven, eased 0.3% to 155.18 per dollar.
Gold struck record highs on Monday as worries of a worldwide trade war pushed investors to safety. It traded close to those levels at $2,813 an ounce on Tuesday while Treasury futures ticked a little lower, with markets divided on whether there will be two or just one U.S. rate cut this year.
Gold Prices Near Record High
Gold prices firmed on Tuesday, holding near a record peak hit in the previous session, as lingering U.S. tariff and inflation concerns boosted safe-haven demand, while focus was also on key jobs data due this week.
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