Gold bars to be exempt from tariffs, White House clarifies
Investing.com-- China on Tuesday retaliated against a 10% trade duty imposed by U.S. President Donald Trump by slapping import tariffs on certain U.S. commodity and industrial imports.
China’s finance ministry said it will impose a 15% duty on coal and liquified natural gas imports from the U.S., and a 10% additional duty on crude oil, agricultural equipment and automobiles from February 10.
China’s commerce ministry imposed export controls on rare earths and exotic materials- of which the country is a top producer. Materials covered include tungsten, tellurium, ruthhenium, and molybdenum.
Separately, Beijing added Calvin Klein owner PVH Corp (NYSE:PVH) and biotechnology firm Illumina (NASDAQ:ILMN) to its list of unreliable entities, while also initiating an antitrust investigation into Google (NASDAQ:GOOGL).
The measures were in retaliation for 10% trade tariffs imposed by Trump, which took effect from 00:00 ET (05:00 GMT) on Tuesday. China had largely opposed the tariffs, and had vowed retaliatory measures.
Trump had agreed to postpone 25% trade tariffs against Canada and Mexico, which were also set to take effect from Tuesday, by 30 days. But he gave China no such relief.
U.S. stock index futures retreated after the Chinese tariffs took effect. Chinese markets were closed for the Lunar New Year holiday.