China "hits" American products by 10-15% - Retaliatory measures against the Trump administration come into effect
China's 10-15% tariffs on some American agricultural products have come into effect. This is the latest retaliatory measure by Beijing against the United States, which has just doubled tariffs to 20% on all imports of goods made in China. The United States argues the measure is a result of the flow of fentanyl into the country, a synthetic drug responsible for about 100,000 deaths a year in America.
The People's Republic of China has targeted soybeans, sorghum, pork and beef, fish products, fruits, vegetables and dairy products, all hit with 10%, while poultry, wheat, cotton and corn are in the 15% rate bracket.
According to analysts, Beijing's retaliation is designed as a useful tool to hit US President Donald Trump's electoral base, while remaining restrained enough to allow for the development of a potential trade deal.
Furthermore, China has also responded to the measures adopted by Canada, with tariffs announced on rapeseed oil and pork starting next March 20.
One lesson learned by Beijing after the trade war during Trump's first term is that the Asian superpower has more to lose if it responds proportionately to U.S. tariffs, as Chinese exports to the United States are much larger.
Moreover, growing trade headwinds add to the difficulties facing Chinese leaders, who are currently trying to stabilize an uncertain economy amid deflation, weak consumption and a real estate crisis. Exports, which reached record levels in 2024, may not provide the same economic lifeline for Beijing this year, amid an escalating trade war with Washington.
Australia seeks exemption from US steel and aluminum tariffs
Australian Trade Minister Don Farrell said he was ready to travel to Washington immediately to help secure an exemption from US President Donald Trump's recently announced tariffs on steel and aluminium. However, he acknowledged that the Canberra government would have to continue pushing for a special deal in the coming months if that fails. "The US has a significant trade surplus with Australia and we invest heavily in the US defence industry through Aukus, the alliance between Australia, the UK and the US."
Trump, however, promised to consider an exemption for Australia after talks with Prime Minister Anthony Albanese, a day after announcing the steel and aluminum tariffs.
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