◆…Donald Trump, the President of the United States, and Xi Jinping, the President of China, met at the G20 summit in Japan, 2019 <Photo by Reuters>
Donald Trump, the US President, has raised tariffs on Chinese imports from 10% to 20%, prompting the Chinese Ministry of Commerce to announce retaliatory measures.
According to the state-run Global Times on the 4th (local time), the Chinese Ministry of Commerce stated, “China will take necessary countermeasures to protect its rightful rights and interests” and expressed strong opposition to the Trump administration’s decision to impose an additional 10% tariff.
The Ministry further criticized the US for “ignoring facts, international trade rules, and the voices of various parties,” calling it “a typical example of unilateralism and coercive behavior.”
Earlier that day, President Trump signed an executive order imposing an additional 10% tariff on Chinese imports. As a result, the tariffs on Chinese products will be increased to 20% from the 4th (local time).
Last month, President Trump had also imposed a 10% tariff on Chinese products, citing the fentanyl issue, effective from February 4. However, due to limited results, he seems to have intensified the pressure.
In response, China is imposing retaliatory tariffs on US products such as coal, liquefied natural gas (LNG), crude oil, agricultural machinery, and certain automobiles.
Moreover, President Trump announced that the 25% tariffs on Canadian and Mexican products would also be implemented as scheduled on the 4th (local time). These countries have shown intentions of retaliation, heightening concerns over a trade war.
Melanie Joly, the Canadian Minister of Foreign Affairs, indicated retaliation, saying, “We are prepared for the unpredictability and chaos coming from the White House,” while Mexico’s President Claudia Sheinbaum indicated preparedness with “Plan B, C, D.”
Since taking office, President Trump has continued unilateral tariff offensives, increasing market uncertainty. In addition to announcing reciprocal tariffs, he has initiated additional tariff investigations on Canadian lumber and copper imports, reinforcing an all-out protectionist trade policy.