China retaliates as Trump's tariffs take effect
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The news: The Trump administration’s 10% tariffs on China have taken effect after the deadline for the two countries to reach a compromise passed.
The numbers: In response, China has announced a slew of tariffs and measures to be placed on the US including:
- A levy tax on some products imported from the US
- A 15% tariff on coals and LNG imported from the US
- A 10% tariff on oil and agricultural machines from the US
- A 10% tariff on US oil
- Export control on Tungsten-related materials
- Adding PVH Corp, owner of Calvin Klein, and Illumina to an unreliable entity list
West Texas Immediate crude oil fell 1.68% while Brent crude dropped 1.04%. Soybean prices had declined by 0.78% while soybean oil had tumbled 3.85% by 4:42pm AEDT.
The Australian dollar fell to 61.85 US cents on the news.
The context: Chinese officials also announced the country had begun a probe into Google over alleged anti-trust law breaches.
What they said: “The US’s unilateral imposition of tariffs seriously violates the rules of the World Trade Organization,” China’s Finance Ministry said in a statement announcing tariffs, Bloomberg reported.
“It is not only unhelpful in solving its own problems, but also undermines the normal economic and trade cooperation between China and the US.”
