China strikes back with $14bn in retaliatory tariffs on US goods

China has imposed retaliatory tariffs on $14 billion worth of US goods, escalating trade tensions with Washington.

The move follows the US decision to levy an additional 10% tariff on Chinese products, which former President Donald Trump described as the start of a renewed trade offensive.

China’s measures target US exports such as liquefied natural gas, crude oil, coal, farm equipment, and automotive goods with tariffs between 10% and 15%.

Additionally, Beijing has launched an antitrust probe into US tech firms and restricted exports of key rare earth metals crucial for defense and green energy industries.

Analysts suggest China may be better prepared for a trade standoff this time, though financial markets had initially hoped for negotiations.

The US Trade Representative’s upcoming report on China’s compliance with a 2020 trade deal, due April 1, could trigger further tensions.