China hits back at US with import tariffs including on crude oil, as Trumps measures go into effect
CNN2 days
China Imposes 15% Tariff on US Imports
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Above: China's Pres. Xi Jinping in Macau on Dec. 19, 2024. Image copyright: Anthony Kwan/POOL/Contributor/AFP via Getty Images
The Facts
After US Pres. Donald Trump's 10% tariff on Chinese products took effect on Tuesday, Beijing retaliated by announcing 15% tariffs on US coal and liquefied natural gas, plus 10% tariffs on crude oil, farm equipment, and vehicles. The tariffs are set to take effect on Feb. 10.
According to an estimate by London-based research firm Capital Economics, Beijing's tariffs would apply to about $20B of annual imports from the US. Trump's tariff — intended to pressure the PRC on fentanyl control — reportedly targets over $450B worth of Chinese goods.
Additionally, Beijing launched an antitrust investigation into Google for suspected violation of its anti-monopoly and added PVH Group and Illumina to its unreliable entities list for violating "normal market trading principles."
The Spin
Anti-China narrative
The tariffs serve as a powerful tool to protect American national security and force China to address the fentanyl crisis that has killed over 281K Americans in four years. Access to the American market is a privilege, and these measures will compel Beijing to crack down on illegal drug trafficking.
Pro-China narrative
The unilateral imposition of tariffs by the US seriously violates WTO rules and undermines normal economic cooperation. Beijing has already implemented strict counternarcotics policies, and Washington needs to address its domestic drug issues rather than threatening other nations with arbitrary tariff hikes.
