China hits back at the US with its own tariffs
China is hitting back at the US with 10-15% tariffs on US certain energy products, pickup trucks and cars, Kallanish reports.
Beijing’s State Council Tariff Commission announced Tuesday it will retaliate against the US’ 10% tariff on all Chinese imported goods “under the pretext of fentanyl.” While opposing Washington’s move, China says additional tariffs will be imposed on some imported US goods on 10 February.
Coal and liquefied natural gas imports will be levied at 15%, while crude oil, agricultural machinery, large-displacement cars and pickup trucks will be subject to a 10% duty. According to a 72-item list, pickup trucks affected include ICE, hybrids and pure electric. Tesla’s Cybertruck could potentially be tariffed at 10%, though the BEV is yet to receive regulatory approval to enter Chinese roads.
“The US’ unilateral imposition of tariffs seriously violates the rules of the World Trade Organization. It is not only unhelpful in solving its own problems, but also undermines the normal economic and trade cooperation between China and the US,” the commission says.
Earlier, a spokesperson for China’s commerce ministry confirmed Beijing has taken the US tax measures to the WTO dispute settlement mechanism.
“The US has repeatedly put unilateralism above multilateralism, which has been strongly condemned by the majority of WTO members. China firmly opposes the US’ actions and urges the US to immediately correct its wrong practices,” the spokesperson says.
“We are willing to work with other WTO members to jointly address the challenges posed by unilateralism and trade protectionism to the multilateral trading system and maintain the orderly and stable development of international trade,” the representative adds.
Also on Tuesday, the Chinese government announced the implementation of export controls on tungsten and other 25 rare metal products and technologies. It cited the need to maintain national security and interests, and noted exports that comply with relevant regulations will be permitted.
As trade tensions escalate, Beijing is also taking measures against US firms. It will launch a probe on Google’s “suspected breach of anti-monopoly law,” and has put PHV Corp. – the holding company for brands including Calvin Klein and Tommy Hilfiger, on its “unreliable entity” list.
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Anonymous
Very good overview of the weekly steel market.
Anonymous