China Strikes Back in Trade War with US
Amidst escalating tensions between the US and China over trade, Beijing has retaliated against President Trump’s tariffs with measures of its own. While the move is seen as a response to Trump’s aggressive trade policies, China seems to be treading carefully to avoid a full-blown trade war.
Here’s a breakdown of China’s retaliatory measures:
- China will impose tariffs ranging from 10% to 15% on US imports such as liquefied natural gas, coal, crude oil, and farm equipment.
- Additional tariffs will be imposed on certain car imports from the US along with export controls on five rare metals.
- These measures are set to go into effect on February 10 and target about $14 billion worth of goods, which is less than 10% of total imports from the US in 2023.
In addition to these tariffs, China has also initiated antitrust investigations into Google and Nvidia, with Intel possibly facing a new probe. These investigations are seen as part of Beijing’s retaliatory measures against the US and could be used as leverage in trade negotiations.
Other developments and updates to look out for include:
- Economic data releases from South Korea, the Philippines, and Indonesia.
- Earnings reports from companies like Toyota, Nomura, Novo Nordisk, Uber, and Disney.
- Financial markets in China reopening after the lunar new year holiday.
- Delhi state legislature elections where Prime Minister Narendra Modi’s Bharatiya Janata party is vying to capture the capital city after 27 years.
In a separate development, Microsoft’s artificial intelligence head has poached former colleagues from Google DeepMind to enhance the company’s offerings. This move underscores the race between tech giants to capitalize on cutting-edge AI technology.
As tensions between the US and China continue to escalate, it remains crucial to monitor developments in global trade and economic relations. Stay informed and stay tuned for further updates on this ongoing saga.
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