China announces retaliatory tariffs on U.S. goods

Beijing on Tuesday introduced a package of economic measures targeting American goods and businesses, according to China’s Ministry of Finance. Beginning Feb. 10, the government will levy a 15% tax on coal and liquified natural gas within a specified commodity range and a 10% tariff on crude oil, pickup trucks along with other large vehicles, and agricultural equipment. China’s Ministry of Commerce also instituted immediate export controls on more than two dozen metal products. The measures came after U.S. President Donald Trump’s administration over the weekend imposed a 10% tariff on all goods from China. Trump said the tariffs were a consequence of China’s failure to properly address drug trafficking and intellectual property theft. China’s Ministry of Foreign Affairs on Saturday said it opposed the tariff and threatened retaliatory countermeasures.

What other measures did China introduce? China’s commerce ministry also added American businesses Illumina and PVH Group to its list of unreliable entities, accusing them of violating market trading principles, according to multiple media reports. Illumina is a biotechnology company and PVH Group owns Calvin Klein and Tommy Hilfiger. China’s State Administration for Market Regulation also initiated an investigation into Google for suspected violations of its anti-monopoly law. Google and its products are blocked in China, along with hundreds of other websites, according to NordVPN.

Dig deeper: Read Josh Schumacher’s report about officials reaching agreements to pause the tariffs levied against Canada and Mexico.