Tit-For-Tat: China Imposes Counter Tariffs On US Goods Amid Trump’s Trade War

New York: In a tit-for-tat move, China has imposed counter tariffs on a range of US goods days after Donald Trump waged a trade war with Beijing. China has also launched a probe into US tech-giant, Google, over alleged anti-trust violations, the India Today reported citing the State Administration for Market Regulation.

China’s foreign ministry on Tuesday said 15% tariffs would be imposed on US coal and LNG and an additional 10% tariff will be applied on crude oil, farm equipment and large-displacement cars.

“The US’s unilateral tariff increase seriously violates the rules of the World Trade Organization. It is not only unhelpful in solving its own problems but also damages normal economic and trade cooperation between China and the US,” an official statement from the Chinese ministry reads.

This comes after US has imposed 10% tariffs on Chinese imports.

Impact on yuan

The offshore yuan fell 0.3% to 7.3340 as China imposed 10% tariffs on some US goods, the Bloomsberg reported. The currency’s onshore market remained closed for the Lunar New Year holiday. According to reports, the currencies tied to China’s economy also declined. The Australian and New Zealand dollars fell by at least 0.8%.