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In a heated escalation of the US-China trade war, China has announced it will impose retaliatory tariffs on American imports following President Donald Trump's decision to implement a 10% tariff on Chinese goods. According to the Chinese foreign ministry, the tariffs will apply to crude oil, agricultural machinery, and large vehicles, with coal and liquefied natural gas facing a higher 15% tariff. These measures are set to take effect from the following Monday.
The Chinese government criticized Trump's tariffs as a "unilateral tariff hike" that breaches World Trade Organization rules and disrupts bilateral economic relations. Trump’s administration argues that these tariffs aim to combat the production of fentanyl, a synthetic opioid linked to over 70,000 overdose deaths annually in the US.
As trade tensions escalate, Trump plans to have a conversation with Chinese President Xi Jinping in the coming days, marking a significant diplomatic attempt to avert further conflict in trade relations. The ongoing trade disputes have raised concerns about potential negative impacts on the economies of both nations and beyond.