China introduces retaliatory tariffs on imports from US

The Chinese government has announced trade measures against the US, according to media reports. As SteelOrbis reported previously, US President Donald Trump lately imposed 10 percent additional tariffs on imports from China, which come into force today, February 4. The tariffs introduced for Canada and Mexico, however, have been postponed for 30 days. In retaliation, China will impose 15 percent tariffs on coal and liquefied natural gas (LNG) from the US, while other goods such as crude oil, agricultural machinery and certain automotive imports from the US will be subject to 10 percent tariffs. These tariffs will take effect on February 10. Meanwhile, it is expected that US President Trump and Chinese President Xi Jinping will have a meeting later this week. Selecting February 10 as the starting day for the tariffs is considered to be a strategic move to create dialogue between China and the US. Following Trump’s tariff announcement, the Chinese government said it would resort to the World Trade Organization (WTO) since the US measures severely violate WTO rules, adding that these developments will not benefit either side.