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Tuesday, February 04, 2025

Live Updates: China Retaliates With Tariffs on U.S. Goods

Live Updates: China Retaliates With Tariffs on U.S. Goods

“China retaliated against US tariffs with tariffs on US goods, while Mexico and Canada struck deals to avert US tariffs. President Trump threatened tariffs on the European Union, delaying tariffs on Mexico and Canada for 30 days.

China hit back after being subjected to tariffs by President Trump, who said he would speak with China’s leader, Xi Jinping. Mexico and Canada struck short-term deals to avert U.S. tariffs.

A view of a port, with a large area full of cargo containers.
Yangshan Port in Shanghai. China’s government responded swiftly to President Trump’s tariffs with countermeasures against U.S. products.The New York Times

Pinned

Moments after President Trump’s 10 percent tariff on all Chinese products took effect on Tuesday, Beijing struck back with tariffs on U.S. coal, gas and other goods, restrictions on exports of some minerals and an antimonopoly investigation into Google.

The Trump administration had planned to hit America’s three largest trading partners — Canada, Mexico and China — with tariffs on Tuesday, despite warnings from economists that this could set off a trade war, fueling inflation and damaging the global economy.But Mexico and Canada struck last-minute dealson border security and fentanyl that paused the 25 percent tariffs against products from those countries.

Gregory Schmidt
Feb. 4, 2025, 7:39 a.m. ET13 minutes ago

Stock markets in Asia recovered on Tuesday from their drop a day earlier after Canada and Mexico reached tariff deals with President Trump. But the threat of a trade war still hovered over European markets, which were mixed. U.S. futures pointed to a lower open in New York as investors grappled with tit-for-tat tariffs between China and the United States.

President Trump and the leaders of Mexico and Canada struck last-minute deals on Monday that postponed for 30 days the imposition of 25 percent tariffs on goods exported to the United States. The arrangements at least temporarily averted a trade war. 

Here are some of the details. 

Europe, you’re next.

That’s the latest message from President Trump, who has repeatedly said in recent days that he would slap punitive tariffs on the 27 members of the European Union.

The U.S. auto industry dodged a supply chain catastrophe after President Trump delayed tariffs on products from Mexico and Canada for at least a month on Monday. The tariffs most likely would have raised car prices by thousands of dollars, analysts said.

But automakers must still reckon with the prospect of severe disruptions as Mr. Trump continues to brandish tariffs against two countries that play an essential role in the U.S. car market.”

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