China retaliated immediately with tariffs of 10% to 15% on some U.S. products after a 10% U.S. tariff on Chinese goods went into effect. The additional tariffs will be imposed on coal, liquefied natural gas, crude oil, agricultural machinery, large-displacement automobiles, and pickup trucks starting on February 10. The Chinese government stated that the U.S. tariff violates World Trade Organization rules and disrupts economic and trade cooperation between the two countries.
President Trump announced the tariff on Chinese goods, as well as 25% tariffs on goods imported from Canada and Mexico, over the weekend, citing border security and the flow of drugs like fentanyl. The Canadian and Mexican tariffs have been paused for 30 days after talks, but China did not reach a deal with the U.S. before the tariff took effect. Mainland Chinese markets were closed for the Lunar New Year holiday, while other Asia-Pacific markets rose on news of the Canadian and Mexican tariffs being put on hold.
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