Monday, February, 17,2025

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China announces retaliatory tariffs on US, to impose 15 pc tariff on coal, LNG; 10 pc on crude oil

Beijing: After the US government announced a 10 per cent tariff on all Chinese goods exported to America, China on Tuesday imposed additional tariffs on various US goods, including a 15 per cent tariff on coal and liquefied natural gas, and a 10 per cent tariff on crude oil starting from February 10.
China's Ministry of Finance further said that the tariffs will be enforced under Chinese laws and international trade principles.
In a statement, the ministry said, "On February 1, 2025, the US government announced that it would impose a 10 per cent tariff on all Chinese goods exported to the US on the grounds of fentanyl and other issues. The US's unilateral imposition of tariffs seriously violates the rules of the World Trade Organization. It is not only unhelpful in solving its own problems, but also undermines the normal economic and trade cooperation between China and the US."
"In accordance with the Tariff Law of the People's Republic of China, the Customs Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China and other laws and regulations and the basic principles of international law, and with the approval of the State Council, additional tariffs will be imposed on some imported goods originating from the United States starting from February 10, 2025," it added.
China further said that a 15 per cent tariff will be imposed on coal and liquefied natural gas. A 10 per cent tariff will be imposed on crude oil, agricultural machinery, large-displacement cars and pickup trucks.
"For the imported goods listed in the appendix originating from the United States, corresponding tariffs will be levied on the basis of the current applicable tariff rates. The current bonded and tax reduction and exemption policies remain unchanged, and the additional tariffs will not be reduced or exempted," the Finance Ministry said.
China's decision comes after US President Donald Trump imposed a 10 per cent tariff on goods from China, citing concerns over illegal immigration and the smuggling of drugs, including fentanyl.
Earlier on February 2, China's Commerce and Finance ministries had denounced Trump's decision to impose tariffs and said that the country would challenge the decision before the World Trade Organization and take unspecified "countermeasures". The Ministry of Commerce said the tariff "seriously violates" international trade rules, urging the US to "engage in frank dialogue and strengthen cooperation".

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Daily Astro

17-02-2025

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Aries

Today brings opportunities for growth, but you'll need to stay focused. Trust your instincts to navigate challenges.

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Pisces

Your intuition will guide you. Trust your feelings and explore creative outlets for peace of mind.

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Aquarius

Innovation is your theme today. Explore unconventional ideas to solve lingering problems.

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Capricorn

Hard work pays off today. Your dedication and discipline will lead to well-deserved recognition.

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Sagittarius

Adventure is calling! Embrace new opportunities, but keep a balanced approach to risks.

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Scorpio

Your determination will be unmatched. Dive deep into tasks, but don't forget to take breaks to recharge.

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Libra

Harmony in relationships is your priority. Compromise and understanding will strengthen your bonds.

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Virgo

Focus on organization and details. A well-planned day will lead to productive results and personal satisfaction.

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Leo

Leadership will come naturally. Take charge of situations but remain humble for the best outcomes.

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Cancer

Emotional balance is key today. Spend quality time with loved ones to find comfort and clarity.

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Gemini

Today is perfect for networking and sharing ideas. Your adaptability will help you tackle unexpected changes with ease.

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Taurus

Patience will be your strength today. Financial matters might need attention, so think twice before making big decisions.

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17-02-2025