China’s response was immediate. In retaliation, it will impose tariffs of 10% and 15% on a range of US agricultural imports, among other things.
Canada, for its part, said it would respond in kind, with 25% tariffs on US goods worth US$155 billion.
Mexico is expected to respond later in the day. President Claudia Sheinbaum said Monday that her country has already drawn up «contingency plans.»
Fears of a full-blown trade war increased volatility in markets across Asia.
Image source, Getty Images
The entry into force of the tariffs represents the realization of a threat that Trump has been raising for some time.
The US president threatened to impose an import tax on all three countries earlier this year in response to what he describes as an «unacceptable flow» of illegal drugs and undocumented immigrants into the United States.
China’s response includes launching legal action against Washington at the World Trade Organization, leaving the door open for talks to address each side’s concerns.
China will also impose additional tariffs on some products imported from the United States starting March 10, the Chinese Customs Tariff Commission said Tuesday.
Chicken, soy, pork…
An additional 15% tariff has been added to imported chicken, wheat, corn and cotton from the United States. Sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products will be subject to an additional 10% tariff.
China on Tuesday also added 10 U.S. companies to its list of untrustworthy entities and took appropriate action against them.
These include a range of companies linked to defence and security, as well as artificial intelligence, aviation, IT and «dual-use» items that have both civilian and military applications.
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