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China has reacted promptly to the latest U.S. trade measures, implementing tariffs on a variety of American imports just moments after the new U.S. tariffs took effect.
At 12:01 a.m. ET (05:01 GMT) on Tuesday, a 10% tariff on all Chinese imports entering the U.S. was enforced, as announced by President Donald Trump.
In response, China’s Finance Ministry declared new tariffs on significant U.S. exports. The cryptocurrency market experienced a downturn as major coins briefly declined following the announcement.
China Implements New Tariffs on U.S. Energy and Automotive Industries
The measures include a 15% tariff on coal and liquefied natural gas (LNG) and a 10% tariff on crude oil, agricultural machinery, and select vehicles.
The new tariffs are set to take effect on February 10, according to the ministry’s statement.
In a separate action, China’s Commerce Ministry and the Customs Administration imposed export controls on critical minerals, including tungsten, tellurium, ruthenium, and molybdenum.
Officials indicated that these restrictions were necessary to “protect national security interests.”
While Trump temporarily halted his planned 25% tariffs on Mexico and Canada after obtaining border enforcement concessions, no such flexibility was offered to China.
A White House representative confirmed that Trump had no immediate plans to engage in discussions with Chinese President Xi Jinping, although a conversation might occur later in the week.
China also expanded its Unreliable Entity List, adding two prominent U.S. companies: PVH Group, the parent company of fashion brands Tommy Hilfiger and Calvin Klein, and Illumina Inc., a biotech firm focused on genomic sequencing.
According to China’s Commerce Ministry, these companies allegedly breached market regulations and practiced discrimination against Chinese firms.
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Entities listed on the Unreliable Entity List may face potential penalties and restrictions on trade and investment in China.
Meanwhile, China has initiated an antitrust investigation into Google, further escalating the trade conflict.
China Launches Retaliatory Tariffs
Imposing 15% tariff on US Coal and Liquefied Natural Gas & a 10% tariff on US Oil and Agricultural Equipment
They’re also announcing a probe into Google $GOOGL for antitrust
STOCK MARKET FUTURES ARE IN THE RED pic.twitter.com/5gT5K6JW6y— Happy Bull Trader (@HappyBullTrader) February 4, 2025
The investigation, announced shortly after the U.S. tariffs took effect, suggests that Beijing is prepared to retaliate against American companies amid the intensifying dispute.
As both nations tighten trade restrictions, the recent developments signify a notable escalation in the U.S.-China trade conflict, raising concerns about its potential impact on global markets.
Crypto Prices Surge After U.S. Delays Tariffs on Mexico
The cryptocurrency market experienced a significant rebound following the U.S. decision to postpone tariffs on Mexico, alleviating investor worries over rising trade tensions.
Bitcoin (BTC) briefly surpassed $102,500, while Ethereum (ETH) rose to $2,900, marking substantial gains after a volatile trading period.
The rally followed President Donald Trump’s announcement of a 30-day pause on proposed 25% tariffs on Mexico and Canada in exchange for enhanced enforcement measures on border security and crime prevention.
This decision provided relief to global markets, with crypto assets benefiting from renewed risk appetite among investors.
Altcoins also experienced sharp recoveries. XRP briefly surged 40%, recovering its earlier losses, while Solana’s SOL increased by 5% to trade at $210.
Analysts observed that although cryptocurrencies remain sensitive to macroeconomic developments, the delay in tariffs on Mexico helped improve sentiment, rekindling speculative interest in digital assets.
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