By bigbreakingwire 
China imposed new tariffs on U.S. goods in response to President Donald Trump’s 10% tariff on Chinese imports, which took effect on Tuesday. Beijing’s Finance Ministry announced:
• A 15% tariff on U.S. coal and LNG
• An additional 10% tariff on U.S. crude oil, farm equipment, and some automobiles
China also vowed to challenge the tariffs at the World Trade Organization and hinted at further countermeasures. However, it left the door open for negotiations.
Additionally, China’s anti-monopoly regulator announced an investigation into Google’s parent company, Alphabet, just as a new 10% U.S. tariff on Chinese goods took effect. While Google’s search engine is blocked in China, the company collaborates with local advertisers. No further details were provided.
Trump justified the new tariffs by accusing China of failing to curb the flow of illicit fentanyl into the United States. He warned that tariffs could increase further unless Beijing takes stronger action against fentanyl shipments.
While tensions escalated between the U.S. and China, there was relief for Canada and Mexico. Trump suspended his planned 25% tariffs on their imports for 30 days after reaching agreements on border and crime enforcement.
Canada agreed to deploy new technology and personnel at its border and increase efforts to combat organized crime, fentanyl smuggling, and money laundering. Mexico committed to reinforcing its northern border with 10,000 National Guard members to curb illegal migration and drug trafficking.
Despite easing trade pressure on its North American neighbors, the U.S. remains locked in an escalating tariff dispute with China, with no immediate talks scheduled between Trump and Chinese President Xi Jinping.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.