China has taken revenge against the rates of President Donald Trump by implementing part of his own, so that a trade war between the world's top two economies is renewed.
The measures announced by the Chinese Ministry of Finance, levy a duty of 15 percent on certain types of coal and liquid natural gas and a rate of 10 percent on crude oil, agricultural machinery, cars with large displacement and pick-ups.
Separately, the Chinese Ministry of Trade and his customs administration that the country imposes export controls on tungsten, Tellurium, Ruthenium, Molybdenenum and Ruthenium-related items to protect national security interests.
China will further investigate Google on alleged violations of anti-trust, according to a statement from the state administration for market regulations, although the details of the probe remain unclear.
The rates would be in force next Monday, but were announced on the same day Trump were 10 percent rates for all Chinese imports in the United States implemented.
The move came when President Trump ensured border security agreements from both Canada and Mexico after a whirlwind day that started with a cratering market and the threat of a trade war.
Yet there was no delay for China, and a spokesperson for the White House said that Trump would speak with Chinese President Xi Jinping until later in the week.
China announced his own rates against American goods on Monday, when the rates of the United States against China came into force
During his first term in 2018, Trump started a brutal two-year trade war with China on his enormous American trading surplus, with Tit-for-Tat rates for hundreds of billions of dollars of goods, increasing global supply chains and the world damaged economy.
To end that trade war, China agreed in 2020 to spend $ 200 billion a year extra to American goods but that plan was derailed by the Covid Pandemic.
The annual trade deficit subsequently increased to $ 361 billion, according to Chinese customs data released last month.
“The trade war is in the early stages, so the chance of further rates is high,” said Oxford Economics in a memorandum while reducing his prediction of the economic growth of China.
Trump has now warned that he could further increase the rates about China, unless Beijing continued the stream of Fentanyl, a fatal opioid, to the United States.
“China will hopefully stop sending our fentanyl, and if they are not, the rates will go considerably higher,” he said on Monday.
China has called Fentanyl America's problem and said it would challenge the rates at the World Trade Organization and take other countermeasures, but had also left the door open for conversations.
But when the rates came into force in China on Monday, the offshore Yuan fell by 0.3 percent, to 7,3340 when the trade for the new year of Maan closed, the Economic Times reports.
President Donald Trump has insisted that the economic 'pain' from his worldwide trade war 'is worth the prize' to create a 'Golden Age of America' '
In the meantime there was lighting in Ottawa and Mexico City, as well as worldwide financial markets, after the deals to prevent the hefty rates on Canada and Mexico.
Both Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum said they had agreed to strengthen the efforts of border enforcement from the border in response to Trump's requirement to combat immigration and drug smuggling. That would pause the rates of 25 percent that come into effect on Tuesday for 30 days.
Canada also agreed to use new technology and staff in the border with the United States and to launch cooperative efforts to combat organized crime, fentanyl smuggling and money laundering.
Mexico agreed to strengthen his northern border with 10,000 National Guard members to stop the flow of illegal migration and drugs.
The United States also started to prevent human trafficking from powerful weapons to Mexico, Sheinbaum said.
“As a president, it is my responsibility to guarantee the safety of all Americans, and I do that exactly. I am very happy with this first result, “Trump said on social media.
The Prime Minister Justin Trudeau of Canada beat the US President Donald Trump for betraying Canada because he announced on Saturday evening that his country would place matching 25 percent rates up to $ 155 billion in American import, including alcohol and fruit
After talking to both leaders by telephone, Trump said he would try to negotiate economic agreements in the coming month with the two largest US trading partners, whose economies have been closely intertwined with the United States since the monumental North -American free trade agreement was made the 1990s.
The Canadian dollar rose earlier after sinking to its lowest in more than two decades. The news also gave us the futures of the stock index a lift after a day of losses on Wall Street and sent the oil prices lower.
Industrial groups, afraid of disturbed supply chains, welcomed the break.
“That's very encouraging news,” said Chris Davison, who leads a trade group of Canadian Canola producers. “We have a very integrated industry that benefits both countries.”
Trump has repeatedly sat
Canada and the US are the only two countries in the world that produce maple syrup on a commercial level, with 60 percent of Canada production exported to the US
But Trump has also suggested that the 27-country European Union would be its next target, although he has not yet said when that can come into effect.
EU leaders at an informal top in Brussels on Monday said Europe would be willing to fight back if the US imposes rates, but also call for reason and negotiations. The US is the largest trade and investment partner of the EU.
Trump further hinted that Great -Britain, that the EU left in 2020, can be saved.
This weekend Trump acknowledged that his rates can cause some short -term pain for American consumers, but says they are needed to curb immigration and trade in narcotic drugs and to encourage domestic industries.
He wrote on his social social platform that there might be 'some pain', while defending his executive order.
“But we will make America great again, and it will all be worth the price to be paid,” the president wrote.
The rates as originally planned would cover almost half of all American input and the United States would require that they have its own production output more than double the gap – an unattainable task in the short term, analysts wrote.
Other analysts said that the rates could throw Canada and Mexico in a recession and cause 'stagflation' – high inflation, stagnant growth and increased unemployment – at home.
