China has launched an investigation into Google and implemented new tariffs on various US products following President Trump’s decision to impose a 10% tariff on goods from Beijing. This move has reignited a trade war between the two countries, causing significant economic repercussions. The Chinese government will be probing the US tech giant for alleged anti-trust violations, while also imposing levies on items such as coal, liquefied natural gas, oil, and agricultural equipment from the US. Additionally, China has added PVH Corp. and Illumina Inc. to an unreliable entity list and implemented export controls on tungsten-related materials. As a result of these actions, the offshore yuan has experienced losses, dropping by 0.3% to 7.3340 offshore. Other currencies, such as the Australian dollar and New Zealand dollar, have also declined by at least 0.8%. President Trump’s decision to enforce tariffs on Chinese exports came after he accused Beijing of not doing enough to prevent the flow of illegal drugs. The orders included provisions for further tariff increases if China were to retaliate in response. This ongoing trade dispute between the US and China continues to escalate, causing uncertainty and instability in the global economy.
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