Gold bars to be exempt from tariffs, White House clarifies
Investing.com-- China is considering retaliatory measures against U.S. President Donald Trump’s threat of imposing an additional 10% tariff against the country, the Global Times reported on Monday.
The countermeasures will likely include retaliatory tariffs and other trade controls, the report said, and will target U.S. agricultural and food products. China will carry out “strong, powerful counter measures,” the Global Times reported, citing a “reliable source.”
Trump had last week warned that an additional 10% tariffs will be imposed on China from March 4, just a month after he imposed a similar duty against Beijing.
Beijing had retaliated against the February move with its own import tariffs, as well as controls on certain rare earth exports.
Trump said the Chinese tariffs, along with potential 25% duties on Canada and Mexico, were intended to pressure the countries into stemming the flow of illegal substances into the U.S.
Trump’s tariffs and Beijing’s retaliation threaten to further sour relations between the world’s largest economies, especially after the Biden administration cracked down sharply on technology exports to China.