CURRENT AFFAIRS
CURRENT AFFAIRS
Description
On February 4, 2025, China responded to recent U.S. tariff increases by imposing new counter-tariffs. These include a 15% duty on coal and liquefied natural gas, along with a 10% tariff on crude oil, agricultural machinery, and large cars with high engine displacement. The Chinese government accused the U.S. of breaching World Trade Organization (WTO) regulations, claiming the new tariffs disrupt established trade relations.
US-China Trade Tensions
The trade conflict between the U.S. and China intensified when former President Donald Trump introduced additional tariffs on Chinese imports, aiming to pressure China over issues like illegal drug trade and migrant flows. This has reignited trade war tensions, with both countries seeking to protect their economic interests.
Google Antitrust Investigation
In addition to the tariffs, China launched an investigation into Google for potential antitrust violations, reflecting growing scrutiny of U.S. tech companies in China. Despite Google being largely absent from the Chinese market since 2010, the company still maintains a presence in the country for advertising purposes.
Market Response
Initial market reactions were relatively calm. Analysts described China's response as "measured and appropriate," signaling displeasure without intensifying the conflict. The U.S. dollar saw a recovery, while the offshore yuan depreciated. Countries with close trade ties to China, like Australia and New Zealand, saw declines in their currencies.
Strategic Goals
China’s approach appears designed to avoid significant economic disruption while demonstrating its ability to retaliate. By focusing on sectors like energy and technology, China aims to impact U.S. companies dependent on its market. The situation puts further strain on U.S.-China relations, which had seemed to stabilize after high-level discussions in late 2023.
Broader Economic Impact
This trade dispute has wider consequences for global trade. As two of the world’s largest economies, the actions of the U.S. and China can ripple across international markets. The tariffs and investigations are likely to fuel further uncertainty, potentially affecting a variety of industries globally.
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