Why It Matters:
The trade war involving the United States and its economic rivals, particularly China, has intensified again since President Donald Trump took office.
The Big Picture:
On Saturday, US President Donald Trump imposed a 25% tariff on imports from Mexico and Canada (10% on Canadian energy), and a 10% additional tariff on China. The measures will come into force on February 4.
What He is Saying:
"The US has levied a 10% additional tariff on Chinese imports under the pretext of the fentanyl issue. China firmly deplores and opposes this move and will take necessary countermeasures to defend its legitimate rights and interests," The spokesperson for China’s embassy in the US said.
Go Deeper:
Trump's trade war is not limited to China. He has also threatened other countries and regional and international trading bodies with heavy tariffs if they de-dollarize. In addition to threatening Mexico and Canada, Trump has also threatened BRICS members with heavy tariffs on exports from BRICS countries if they de-dollarize.
Trump to start tariff war with neighbors, Canada vows to respond
Trump threatens BRICS over moves to undermine 'mighty US dollar'
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