Beijing has imposed a 15% tariff on coal and liquefied gas, alongside a 10% tariff on oil and agricultural equipment imported from the US, following President Trump’s decision to implement a 10% tariff on goods coming from China, escalating trade tensions between the world’s two largest economies.
China has also announced an investigation into Google, alleging anti-monopoly law violations, according to a statement issued by China’s State Administration for Market Regulation on Tuesday.
These measures which are seen as part of China’s retaliation against Trump’s tariffs decision also included putting PVH Corp (PVH.N), the holding company for brands including Calvin Klein and Tommy Hilfiger, and U.S. biotechnology firm Illumina (ILMN.O) on its “unreliable entity” list.