The result is a renewed trade war between the world’s largest economies.
China opened an investigation into Google and placed new tariffs on a range of US goods shortly after President Donald Trump imposed a 10% tax on imports from Beijing, reigniting a trade war between the world’s leading economies.
China will look into any anti-trust violations at the US tech giant, the State Administration for Market Regulation announced Tuesday. Beijing also imposed 15% charges on coal and liquefied natural gas and 10% duties on US oil and farm equipment.
The following are some of the Chinese activities announced:
Regulation of tungsten-related material exports
putting Illumina Inc. and PVH Corp., the owners of Calvin Klein, on a list of unreliable organisations
The offshore yuan kept losing ground in the afternoon as Beijing proposed 10% tariffs on some U.S. imports as the US-China trade spat grew more intense. The offshore currency dropped 0.3% to 7.3340 due to the onshore market being closed for the Lunar New Year holiday.
They were also China’s proxies, as the Australian and New Zealand dollars fell by at least 0.8%.
Over the weekend, the US leader declared a blanket levy on Chinese exports that will take effect in the US after midnight on Tuesday, citing Beijing’s alleged incapacity to curb the flow of illegal substances. The orders had retaliation clauses that said that duties would increase if the countries retaliated in kind.