China hits back at Trump with tariffs of its own

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Impose reciprocal tariffs on US-made goods.

The Department of Trade said it is introducing a 15% duty on coal and liquefied natural gas (LNG) products, and a 10% duty on crude oil, farm machinery and large-displacement cars.

Earlier today Trump announced he would be putting the brake on tariffs imposed on Canada and Mexico, following a deal made with those countries' leaders.

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But he didn't lift the 10 per cent blanket tariff on China, which kicked in today.

The tariff now applies to all imports from China, including the previously excluded shipments worth under $US800, which is approximately $1300.

Stopping that exemption will really affect online shoppers a lot because a lot of parcels are sent directly from China from companies like Shein or Temu.

The Aussie sharemarket slumped backwards after the news, bucking an otherwise promising day.

The Aussie dollar dropped below 62 American cents after the tariffs were announced.

At the same time, China's Department of Market Supervision announced an investigation into Google for alleged monopolistic practices.

Last week, a spokesperson from the Chinese Foreign Ministry stated that there are no winners in a trade war.

"The United States needs to take a fair and logical approach to tackling its fentanyl issue, rather than making arbitrary threats about increasing tariffs," the spokesperson said.

China's calling on the Yanks to fix their mistakes, keep the good vibes going in our joint counter-narcotics work, and help our China-US relationship stay solid and on track.

China's targeted tariffs will have a substantial impact on US imports.

The United States imported eleven billion US dollars' worth of crude oil into China in 2022.

Over a billion dollars' worth of coal was chucked to China from the US that year, and four billion dollars' worth of cars sold.

The tariffs could be beneficial for Aussie exporters.

In 2022, Australia shipped out 2 billion dollars' worth of crude petroleum to China and 22 billion dollars' worth of liquefied natural gas.

China became Australia's largest buyer of coal last year.

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