China’s tariffs on U.S. imports took effect Monday, just hours after U.S. President Donald Trump announced that he wants to impose new duties on all steel and aluminum imports to the U.S, reported the Associated Press.
Beijing announced the measures last Tuesday minutes after President Trump’s 10% tariffs on all Chinese goods were implemented, wrote the Washington Post. The Chinese tariffs included “a 15% levy on imports of U.S. coal and liquefied natural gas, as well as a 10% tariff on agricultural equipment and crude oil.”
“Beijing also launched an anti-monopoly investigation into Google and added PVH, the owner of U.S. fashion brands Tommy Hilfiger and Calvin Klein, to its ‘unreliable entity’ list. China also restricted the exports of five rare metals used as key components in the defense and clean energy industries among others,” reported AP.
According to the Post, the leaders of Canada and Mexico managed to strike political deals to delay the implementation of the 25% tariffs on their products, but China has not struck a deal. Trump and Chinese leader Xi Jinping were “expected to talk last week, but that call has not happened.”
China’s tariffs cover a total of $14 billion worth of U.S. imports, compared to the $525 billion in Chinese goods hit by Trump tariffs, according to a Goldman Sachs estimation.
“China is more prepared for a trade war this time around: It has developed a broader suite of weapons to push back, utilizing its dominant position in many critical supply chains. But the country’s economy is struggling, and a tit-for-tat threatens Chinese exports, a lonely bright spot amid otherwise sluggish growth,” wrote the Post.
Earlier this month, NACS, along with NATSO, SIGMA, EMA, NEFI and NPGA, to the Trump administration regarding oil tariffs. NACS and others in the fuel supply chain have been seeking an exemption from tariffs for crude oil and refined products and will continue to work to mitigate the impact of tariffs on the U.S. fueling industry.