PNN – In response to the new US administration’s imposition of 20% tariffs on Chinese goods, Beijing responded by imposing 15% tariffs on some basic US products, escalating the tariff war between Washington and Beijing.
According to the report of Pakistan News Network, citing Reuters news agency from Beijing, China responded swiftly to the new U.S. tariffs on Tuesday, announcing a 10 to 15 percent increase in import tariffs on a range of U.S. agricultural and food products, bringing the world’s two largest economies one step closer to an all-out trade war.
Reuters added: According to China’s Ministry of Finance, Beijing will impose an additional 15 percent tariff on chicken, wheat, corn and cotton and an additional 10 percent tax on soybeans, pork, beef, seafood, fruits, vegetables and dairy imports from the United States from March.
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The report adds: Beijing also placed 25 American companies under export and investment restrictions on national security grounds in response to the February 4 tariffs imposed by the administration of US President Donald Trump, but declined to disclose their names.
The US president last week threatened China with an additional 10% tariff on Chinese goods imported into the US, a policy that is set to take effect and total the tariff to 20%. Trump accuses Beijing of not doing enough to stop the flow of fentanyl into the US.
China is the largest market for U.S. agricultural products, importing $29.25 billion worth of U.S. agricultural products in 2024, a 14 percent decrease from the previous year and a 20 percent decrease from 2023.