After the United States levied a 10% tax on all Chinese imports, China announced retaliatory duties. Beginning Monday, Beijing will impose a 15% duty on US coal and liquefied natural gas and a 10% levy on crude oil, farm equipment, and large-engine cars.
China has accused the US of breaking trade regulations in a complaint it submitted to the World Trade Organization. In the meanwhile, Beijing may impose penalties on US companies PVH Corp and Illumina after adding them to its list of “unreliable entities.”
Additionally, China is limiting the export of 25 vital minerals that are necessary for sectors like solar energy and aircraft. Furthermore, Google is the subject of an antitrust inquiry by a Chinese authority. The continuing trade battle between the two major world economies has escalated once again.
