The Chinese Ministry of Commerce announced today that it is imposing retaliatory tariffs on several U.S. products and has also introduced additional trade measures, including an investigation into Google.
The Chinese government stated that it will impose a 15% tariff on coal and liquefied natural gas, as well as a 10% tariff on crude oil, agricultural machinery, and larger vehicles.
“The unilateral increase in tariffs by the United States seriously violates World Trade Organization rules. Not only does it fail to resolve its own issues, but it also harms normal economic and trade cooperation between China and the U.S.,” the statement read.
The 10% tariffs ordered by U.S. President Donald Trump on Chinese goods are set to take effect today, although Trump plans to speak with Chinese President Xi Jinping in the coming days.
Meanwhile, China’s State Administration for Market Regulation announced today that it is investigating Google over alleged violations of antitrust laws. Although no tariffs were mentioned in this announcement, the timing of the investigation coincides with the enforcement of Trump’s 10% tariffs on Chinese goods.
Trump’s proposed 25% tariffs on Canada and Mexico have been postponed following last-minute negotiations. Trump stated that the tariffs on China are a response to trade deficits and the influx of fentanyl into the U.S.
