Jakub porzycki | Nurphoto | Getty images
China on Tuesday unveiled a series of ventilative measures against the US, shortly thereafter, the US tariff influenced Chinese goods, which increased the concern of the wider trade war between the world’s two largest economies.
China Finance Ministry said on Tuesday This will implement a 15% tariff on coal and 10% more duties on natural gas imports from the US and American crude oil, agricultural machinery and some cars, which will begin from 10 February.
China reiterated that the Levy of 10% by the US “violates the rules of the World Trade Organization seriously … a CNBC translation of the statement in Chinese destroys general bilateral economic and business activities”.
Tuesday, in a separate statement, Ministry of Chinese Commerce and Customs officials announced To implement export control to a series of goods and technologies related to some important minerals, including Tungsten, Telurium, Ruthanium, Molibdenum and Ruthanium.
China’s announcement of tariffs in Oxford Economics, China’s chief economist Lewis Lu said, “Now symbolic steps” is more, which estimates that additional duties can increase the effective tariff rate on US imports in China close to 2 percent marks close to 2 percent marks. .
However, Lu warned that a second US-China trade war was “clearly in the initial stage” and sees the “much more likely” of the front round of the tariff from both countries.
After the announcements, Chinese offshore yuan was slightly changed against the US dollar. The mainland markets, which are closed due to a week -long lunar New Year holiday, will resume trading on Wednesday.
China Market regulation administration It also said that it has decided to start an investigation in the alphabet’s Google because American technology was veteran There is suspicion of violating the country’s anti -monopoly law,
Google draws its internet and search engine services in China in 2010, but still focus on some operations Chinese business searches to advertise on google platform Foreign.
“These steps are warning that China is intended to harm American interests, but still gives the option to return China,” said Julian Evans Prechard, head of China Economics at Capital Economics, has the option to return China. “
However, PriChard admitted that the tariff proposed by China could be postponed or canceled before it is implemented next Monday, and the Google investigation could end without any punishment.
US President Donald Trump on Monday agreed to stop 30-day stagnation of 25% tariffs planned on imports from Canada and Mexico, As the two countries agreed to take steps To stop the smuggling of illegal drugs by Phentineel in America
However, China did not receive any such vengeance.
Vishnu Varthan, head of Micro Research of East-Japan, Asia at Mizuho Bank, said, “The geo-economic dimensions for the US-China trade mean that the resolution will be more frightening than the case of Mexico and Canada.”
Rapid vengeance
As soon as Trump began his second term, he ordered his administration to investigate compliance with Beijing with a business deal during his first presidential post in 2020. The assessment will be the end result Trump was given till 1 AprilEconomists said the establishment of the phase for potentially further tariff functions.
White House Press Secretary Karolin Levit allegedly On Monday, said that Trump and Chinese President Xi Jinping could talk “in the next few days”.
Trump on Saturday signed 10% tariff in the law against China for a long time. Current tariffs up to 25% On Chinese goods imposed during his first presidential post.
Additional duties will reduce China’s actual GDP growth by 50 basis points this year, the economists of Goldman Sachs said in a report on Monday, strengthened the call for strong domestic incentive measures to offset the effects from the growing tariffs.
Investment bank expects China Actual GDP growth is slow by 4.5% this year And domestic consumer inflation increased by just 0.4% due to weak demand and prolonged real estate crisis.
