China Strikes Back: Economic Countermeasures Against Trump's Tariffs

In a bold move, China has taken immediate retaliatory action against President Trump's newly imposed 10 percent tariff on a wide range of Chinese goods. The tariffs were enacted to pressure China to address its fentanyl export practices, and in response, Beijing unveiled multiple countermeasures aimed at U.S. businesses and imports.

Once the tariffs took effect at midnight, China's government introduced its own additional tariffs on American liquefied natural gas, coal, and agricultural machinery, among other products. Additionally, the Chinese government has restricted the export of key minerals vital for high-tech industries.

Moreover, Chinese regulators announced an investigation into Google, which, despite being banned in China, could affect Google's interactions with local companies. Trump's recent tariffs follow earlier tariffs he enacted during his presidency, which already included rates of 10 and 25 percent on certain goods. The new measures impact over $400 billion in annual imports from China.

Initially, Trump planned to impose tariffs on Canada and Mexico as well but opted for a 30-day pause after negotiations with both nations yielded agreements to enhance oversight of fentanyl shipments across borders.