China announces new tariffs on US goods
China will impose additional tariffs of 10%-15% on certain US imports starting March 10, the Chinese finance ministry announced. The move follows US President Donald Trump’s decision to raise tariffs on Chinese imports to 20% and impose new 25% duties on imports from Canada and Mexico.
US products facing tariffs in China
- 10% tariffs: Soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables, and dairy products.
- 15% tariffs: Chicken, wheat, corn, and cotton.
Additionally, China has placed export and investment restrictions on 25 US firms, according to reports from a news agency.
Trump’s tariffs take effect
Trump’s decision to double tariffs on Chinese goods from 10% to 20%, alongside a new 25% duty on imports from Canada and Mexico, has triggered swift retaliation.
Canada and Mexico respond to US tariffs
- Canada: Outgoing Prime Minister Justin Trudeau announced 25% tariffs on US goods worth 30 billion Canadian dollars and warned of further tariffs on US goods worth 125 billion Canadian dollars within 21 days.
- Mexico: President Claudia Sheinbaum stated that Mexico has multiple contingency plans ready, saying, “We have a plan B, C, D.”
The trade tensions between these major economies continue to escalate, with further countermeasures expected in the coming weeks.
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