China's Commerce Ministry declared on Tuesday that it would levy 15% tariffs on US imports of LNG and coal.
According to the Ministry, "crude oil, farm equipment, and certain automobiles will be subject to additional 10% tariffs."
The country is enforcing export restrictions on tungsten, tellurium, ruthenium, molybdenum, and ruthenium-related products in order to "protect national security interests," the Commerce Ministry continued.
Following the implementation of the new 10% tariff on all Chinese exports to the US, China retaliated.
Reaction of the market
Expectations of Chinese counter-tariffs to US President Donald Trump's tariffs continue to put selling pressure on the Australian dollar (AUD), a Chinese proxy. The AUD/USD exchange rate is currently trading close to 0.6185, down 0.63% for the day.
According to the Ministry, "crude oil, farm equipment, and certain automobiles will be subject to additional 10% tariffs."
The country is enforcing export restrictions on tungsten, tellurium, ruthenium, molybdenum, and ruthenium-related products in order to "protect national security interests," the Commerce Ministry continued.
Following the implementation of the new 10% tariff on all Chinese exports to the US, China retaliated.
Reaction of the market
Expectations of Chinese counter-tariffs to US President Donald Trump's tariffs continue to put selling pressure on the Australian dollar (AUD), a Chinese proxy. The AUD/USD exchange rate is currently trading close to 0.6185, down 0.63% for the day.
