Mainland China has imposed tariffs on US exports worth $23.6 billion, including coal, crude oil, and vehicles. The tariffs, set to take effect on February 10, will have significant impacts on trade relations.
Mainland China has imposed new tariffs on US exports worth $23.6 billion, including coal, crude oil, vehicles, and agricultural machinery. These tariffs, ranging from 10 to 15 percent, are set to take effect on February 10, 2025. The move follows the 10 percent tariff imposed by US President Donald Trump on Chinese imports, and it comes as part of the ongoing trade tensions between the two nations.
According to a report by S&P Global Market Intelligence, the newly introduced tariffs will primarily affect US exports to China in the year 2024. Products targeted by the tariffs include key commodities such as coal, crude oil, passenger vehicles, and agricultural machinery. The tariffs are expected to significantly impact US exporters, who are already facing a decline in trade values.
These new duties present a limited opportunity for both countries to negotiate further trade terms, as the tariffs will take effect soon. With the tariffs in place, US exports to China are likely to experience additional challenges, especially given that these key industries are already under pressure.
China’s move is seen as a countermeasure to the trade policies imposed by the US in recent years, and it highlights the ongoing economic tension between the world’s two largest economies. Analysts will be closely watching the effects of these tariffs on US-China trade relations and their broader impact on global markets.
This development follows the latest data from S&P Global Market Intelligence, a leading provider of economic and financial analysis, which tracks trade patterns and market dynamics across the globe. As these tariffs come into play, the US and China may seek ways to address the issue through potential diplomatic negotiations in the coming months.
The full impact of these new tariffs will depend on the response from US exporters and any potential adjustments to trade policy in the near future.
