China on Tuesday imposed tariffs on American goods in response to new tariffs that the United States imposed on Chinese goods days earlier, renewing the trade war between the world's two largest economies.
Beijing also announced that it is conducting an investigation into Google.
Additional 10 percent tariffs on all imports from China to the US took effect after midnight on Monday, after US President Donald Trump repeatedly warned Beijing that it was not doing enough to stop the flow of illegal drugs into the United States.
It wasn't long before China's Ministry of Finance announced that it would impose a 15 percent tax on US coal and liquefied natural gas, as well as a 10 percent tax on crude oil, agricultural equipment, and some American vehicles.
The new tariffs on US goods will take effect on February 10, the Chinese Ministry said.
“The unilateral increase in tariffs by the US seriously violates the rules of the World Trade Organization,” said a statement issued by China’s Ministry of Finance. “This not only does not help solve its own problems, but also harms normal economic and trade cooperation between China and the US.”
Meanwhile, China's State Administration for Market Regulation said on Tuesday that it is investigating Google for suspected violations of antitrust laws.
Separately, US tariffs on goods from Canada and Mexico were also expected to take effect on Tuesday, but Trump agreed to delay the decision for 30 days after the two countries took action to address his concerns over border security and drug trafficking.
Trump intends to speak with Chinese President Xi Jinping in the coming days.
In addition to the tariffs, China also announced that it would impose export controls on several elements vital to the production of modern high-tech products. These include tungsten, tellurium, bismuth, molybdenum and indium. Most of these elements are designated as vital minerals by the U.S. Geological Survey, meaning they are essential to the U.S. economy or national security.
China had also imposed controls in December on key elements, such as gallium, which is used in manufacturing.
The Treasury Department also placed two US companies on the list of unsafe entities: PVH Group, which owns Calvin Klein and Tommy Hilfiger, and Illumina, a biotechnology company with offices in China.
Inclusion on this list prohibits them from engaging in import or export-related activities in China, as well as making new investments in the country. REL (A2 Televizion)
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