China announced an investigation into Google and imposed new tariffs on a range of US products moments after President Donald Trump slapped a 10 per cent tariff on goods from Beijing, reigniting a trade war between the world’s largest economies.
China will probe the US tech giant for alleged anti-trust violations, according to a Tuesday statement from the State Administration for Market Regulation. Beijing also announced 15 per cent levies on coal and liquefied natural gas and 10 per cent on oil and agricultural equipment from the US.
- Also read: Trump’s tariffs on China, Mexico, Canada double-edged sword for Indian exporters
The Chinese measures announced include:
- Export control on tungsten-related materials
- Adding PVH Corp., owner of Calvin Klein, and Illumina Inc to an unreliable entity list
The offshore yuan extended losses, dropping 0.3 per cent to 7.3340 offshore. The onshore market is closed amid the Lunar New Year holiday.
China’s proxies also declined, with the Australian dollar and New Zealand dollar falling by at least 0.8 per cent.
Trump over the weekend ordered a blanket levy on Chinese exports to take effect after midnight on Tuesday in the US, for what he calls Beijing’s failure to prevent the flow of illegal drugs. The orders included retaliation clauses that would increase tariffs if the countries respond in kind.
More stories like this are available on bloomberg.com
