MW The tariff wars aren't over. China hits back over new 10% tariffs.

By Steve Goldstein

China applies 10% to 15% tariffs on U.S. goods as it opens Google probe

U.S. agreements with Canada and Mexico stopped tariffs before they were to enter into effect, but the trade war between the world's top two economies is continuing.

China announced a 15% tariff on U.S. coal and liquefied natural-gas products as well as a 10% tariff on crude oil, agricultural machinery and large-engine cars that go into effect next Monday.

China's State Administration for Market Regulation also is investigating Alphabet's Google $(GOOGL)$ over alleged antitrust rules, in a response not explicitly tied to tariffs but coming soon after President Donald Trump's 10% tariffs on China were to take effect.

"The U.S.'s unilateral imposition of tariffs seriously violates the rules of the World Trade Organization. It is not only unhelpful in solving its own problems, but also undermines the normal economic and trade cooperation between China and the U.S.," said China's finance ministry in a statement.

China also announced export controls on key elements including tungsten, tellurium, bismith, molybdenum and indium. China also put Calvin Klein owner PVH Group $(PVH)$ and biotech Illumina (ILMN) on an unreliable entities list.

U.S. stock futures (ES00) were pointing to a weaker start on Tuesday, after markets closed well off their lows of the day on Monday.

- The Associated Press contributed to this report

-Steve Goldstein

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February 04, 2025 02:29 ET (07:29 GMT)

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