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- China Imposes Tariffs on US Goods in Response to Trump's Tariffs
China Imposes Tariffs on US Goods in Response to Trump's Tariffs
China retaliates against the US tariffs by imposing 10-15% tariffs on various US agricultural products such as pork, beef, soybean, and more. While China's countermeasures are sector-specific, they aim to balance the trade dispute initiated by Trump administration.
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China now saying that they will look to impose tariffs on some US goods as well.
What else do we know about the China response to the US tariffs?
Yes, again going exactly by the playbook like clockwork at 1pm seconds after that
China released its slew of countermeasures pretty extensive this time around compared
to the previous round in February. They're targeting up to 15% tariffs on a list of US
I'm just going to go through them very quickly.
10% on pork, beef, soybean, sorghum, fruits, vegetables and dairy products.
The one on soybean of course had been highly anticipated.
And 15% tariffs on wheat, cotton, chicken and corn.
So all of these are agricultural commodities.
I would say that they are largely still less than proportional to the scale of the US tariffs
because we're talking about 10 to 15% tariffs from China versus 20% from Trump.
if you count in the first 10% plus the second round of 10% and you look at the
scale of it, the range of the goods covered, US tariffs cover all Chinese goods.
but the Chinese tariffs are targeting specific sectors, mainly the agricultural sector.
So it's a clear message here.
While it's impactful, but China is signalling that they are open to negotiations.
That was as much what the NPC spokesperson said at the presser earlier, that they're
hoping that they can resolve these trade issues through consultations.
Now aside from tariffs, China also targeted other non-tariff measures, including adding
10 firms to a US unreliable entity list as well as prohibiting the sale of dual use items
to 15 US entities. And of course, one of their favourite methods, which is to file a complaint
to the WTO as well. But again, very clear signal from the NPC's posters and that they
believe that bilateral trade is win-win for both sides and they want to resolve this through
negotiations.
questions.
of these Asian indices have actually bounced back in case of by the rumour, sell the fact
and perhaps because the response was not as powerful as some people thought it was going
to be. Just quickly Min Min, how does this set us up for the NPC in the coming days?
Well, the NPC, I mean of course tomorrow is the Government Work Report by Lee Chiang that
we are paying attention to where he will outline the key economic targets for the year. We
talked about that yesterday, the growth target, inflation target and the stimulus measures.
But again, as I mentioned, tariffs, the countermeasures have already been announced.
What's next now is the negotiations, the back-channel communications and the high-level talk that
hasn't really happened.
We're waiting to see how that would change the calculus when it comes to trade.
But China is really focused on building the resilience of its domestic economy to boost
domestic consumption to counter the risk of tariffs.
