China’s new tariffs and export restrictions on certain US goods came into effect on Monday.
This move is part of an ongoing trade war between China and the United States.
Beijing revealed its plan on February 4, shortly after the US implemented a new 10% tax on all Chinese goods.
This move escalates tensions between the two largest economies in the world.
US President Donald Trump stated that he imposed tariffs on China because he believed Beijing had failed to stop the flow of fentanyl, a synthetic opioid into the US.
He also suggested that these tariffs might be just the beginning of further actions against China.
On Sunday, Trump said he would introduce a 25% tax on all steel and aluminium imports into the US, with more details to be announced today.
While, travelling to the Super Bowl on Air Force One, Trump also revealed his plans to impose tariffs on other countries in response to their trade policies.
China is imposing a 15% tax on US coal and liquefied natural gas (LNG) and has also launched an investigation into Google.
Additionally, China is restricting the export of rare earth metals like tungsten, tellurium, ruthenium and molybdenum along with products related to ruthenium which are essential for clean energy technologies.
