China, Canada impose retaliatory tariffs on the US

Beijing retaliated when the 20% import tariffs imposed by the US on Chinese goods officially took effect. Canada also imposed a 25% retaliatory tariff on the US.

Nanjing Port in Jiangsu Province, China - Photo: AFP

On March 4, China quickly announced retaliatory tariffs against the US, with a 10-15% import tax increase on a range of agricultural and food products from the US, along with placing 25 US companies under export and investment restrictions.

At around 12:00 on March 4 (Vietnam time), the additional 10% tariff on Chinese goods that US President Donald Trump previously announced officially took effect, leading to the cumulative import tax that Washington imposed on products from Beijing to 20%.

In response, China said it would impose an additional 15% tariff on chicken, wheat, corn and cotton imported from the US, as well as increase tariffs by 10% on soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables and dairy from Washington from March 10, according to a statement from China's Ministry of Commerce.

"The US unilateral tariff measures seriously violate the rules of the World Trade Organization, and undermine the basis for economic and trade cooperation between China and the US," China's Ministry of Commerce said in another statement.

"China will firmly defend its legitimate rights and interests," the ministry added.

According to economists, moves to increase tariffs between countries can increase consumer prices, along with impacts on economic growth and employment.

Asian stock markets recorded a downward trend on March 4, with Japan's Nikkei index falling more than 2%, and Hong Kong's Hang Seng index falling 1.5%.

Meanwhile, the US-China Business Council, a group of 270 US companies doing business in China, warned that tariffs would negatively impact US businesses, consumers, and farmers, as well as "undermine their global competitiveness".

"Any imposition of tariffs should be strategic and targeted, focusing on specific US national security objectives and China's unfair economic practices," US-China Business Council President Sean Stein told AFP.

Canada imposes 25% retaliatory tariffs on the US

On the evening of March 3 (Canada time), Canadian Prime Minister Justin Trudeau also announced retaliation against the US tariffs. Specifically, Ottawa will impose a 25% tariff on $30 billion worth of US goods starting March 4. After 21 days, they will continue to impose a 25% tariff on $125 billion worth of US goods.

Products subject to the tax include orange juice, peanut butter, wine, beer, coffee, household appliances, clothing, shoes, motorbikes, cosmetics, wood pulp, paper...

Source: https://tuoitre.vn/trung-quoc-canada-ap-thue-tra-dua-my-20250304133120551.htm