The global economy is shaken after the US president has imposed higher tariffs on Canada and Mexico, though both countries secured a 30-day reprieve. China is less lucky but has taken measures of its own in response.
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00:00U.S. President Donald Trump's tariff offensive on Chinese goods sparked an immediate counterstrike
00:07from Beijing, escalating the trade conflict with renewed economic firepower.
00:13As an additional 10 percent tariff across all Chinese imports into the U.S. came into
00:18effect Tuesday midnight, and within minutes, China's finance ministry said it would impose
00:24levies of 15 percent for U.S. coal and LNG, and 10 percent for crude oil, farm equipment,
00:32and a small number of trucks, as well as big-engine sedans, shipped to China from the United States.
00:40China's retaliatory tariff package and a lawsuit it filed against the U.S. to the World Trade
00:45Organization was announced on Chinese state TV.
00:50The spokesperson for the Ministry of Commerce stated today that the U.S. imposition of
00:55tariffs on Chinese products seriously violates WTO rules, has a bad nature, and is a typical
01:01unilateralism and trade protectionism practice.
01:04The actions of the U.S. seriously damage the rules-based multilateral trading system, undermine
01:10the foundation of economic and trade cooperation between China and the U.S.
01:18China's market regulator has also launched an antitrust investigation into Google over
01:23alleged violations of the country's anti-monopoly law as part of its retaliation package.
01:30Google's search engine services in China was banned in 2010, and it has only a limited
01:36presence there.
01:39As the U.S. and China lock horns, the EU watches warily, bracing for potential economic fallout,
01:46with Trump hinting at tariffs on the EU next.
01:50The global trade battleground is likely to see more clashes with growing intensity.